USA > Wisconsin > Milwaukee County > Milwaukee > History of Milwaukee, city and county, Volume I > Part 31
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"But in the minds of those who had assumed the undertaking there was a sober, earnest purpose to do what they could for its accomplishment." "' And so for an entire year after the work had commenced in 1849 the grading was carried on and paid for by orders drawn on the merchants, "payable in goods,-by carts from the wagon-makers, harnesses from harness-makers, by cattle, horses, beef, pork, oats, corn, potatoes and flour from the farmers, all received on account of stock subscriptions, and turned over to the con- tractors in payment of work done upon the road. A large part of the work done from here to Waukesha was performed in this way."
But the payments for iron rails and rolling stock could not be made on any system of barter and a large amount of cash must be provided. At a meeting of stockholders at Waukesha in the spring of 1850, most of whom were farmers, the question before the meeting was how to secure the sim of $250,000 for the purchase of iron to reach from Milwaukee to Whitewater ?
It was during this meeting that Maj. Joseph Goodrich of Milton arose and said: "See here; I ean mortgage my farm for $3,000 and go to the East where I eame from, and get the money for it. Now, are there not 100 men between Milwaukee and Rock River that can do the same? If so, here is your money, I will be one of them." The 100 men were found who put up the required amount of mortgages. These, however, at first could not be sold, but the bonds of the City of Milwaukee could be negotiated, and the city eame forward promptly and issued $234,000 in aid of the road. The iron was at once purchased, and the success of the Milwaukee & Mississippi rail- road was thereby assured.
The road was completed to Prairie du Chien, April 15, 1857, seven and one- half years from the time that ground was first broken for its construction. Meantime a number of other railroads were incorporated which, through various mergers, eventually became a part of the original Milwaukee & Missis-
J.BROWN,LSO
CHICAGO & NORTHWESTERN DEPOT
DEPOT OF THE CHICAGO, MILWAUKEE & ST. PAUL RAILWAY
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THE COMING OF THE RAILROADS
sippi railroad. By 1863 the road had become known as the Milwaukee & St. Paul railroad. "The present Chicago, Milwaukee & St. Paul Railway Com- pany," says a writer in the "History of Milwaukee" of 1881, "grew out of the organization formed May 5, 1863, for the purpose of purchasing all the roads which had thus far been formed," though it was not until February, 1875, that the present name of the system was adopted.
Mileage Owned and Operated in 1921 .- Owned, 10,158.6 miles; owned jointly with other lines, 54.36 miles; lines operated under trackage rights, 400.14. Total, 10,613.10.
Capital Stock .- Authorized, $350,000,000 consisting of $233,725,100 com- mon and $116,274,900 non-cumulative preferred; issued December 31, 1920, $233,686,200, consisting of $117,411,300 common and $116,274,900 preferred. Shares, 100.
Officers .- 1I. E. Byram, president ; B. B. Greer, vice president in charge of operation ; R. M. Calkins, vice president in charge of traffic, Chicago ; R. J. Marony, vice president, assistant treasurer and assistant secretary, New York ; Il. B. Earling, vice president, Seattle : E. D. Sewall, viee president, Chicago; E. W. Adams, secretary, Milwaukee; A. G. Loomis, treasurer, Chicago; A. C. Hagensick, assistant secretary, Milwaukee ; F. B. Simpson, assistant treasurer, assistant secretary and transfer agent, New York; Walter V. Wilson, comp troller; J. Welch, assistant comptroller ; C. F. Loweth, chief engineer ; Burton Hanson, general counsel ; H. Il. Field, general solicitor; J. T. Gilliek, general manager, lines east, Chicago ; Maey Littleton, general manager, lines west, Seattle.
Executive Committee .- John A. Stewart, William Rockefeller, Samuel II. Fisher, H. E. Byram, P. A. Rockefeller, Edward S. Harkness.
Directors .- J. Odgen Armour, Stanley Field, Burton Hanson, Chicago; Samuel MeRoberts, New York ; A. J. Earling, W. E. Griswold, Edward S. Ilarkness, George G. Mason, New York ; II. E. Byram, Chicago ; M. N. Buekner, Donald G. Geddes, Samuel L. Fisher, William Rockefeller, New York. Prin- eipal office and address, Chicago. Financial and executive office, 42 Broadway, New York.
The Chicago and North Western Railway .- The great forward movement in railroad construction occurred during the fifties. The year 1855 especially was an epoch-making period in the history of Milwaukee, for it was in the early months of that year that the Chicago and Milwaukee railroad was completed which connected Chicago with this city, and which afterwards became a part of the great Chicago and North Western railway system, the pioneer line of the Northwest. This railroad has played a most important part in the progress of Milwaukee, and has aided in a remarkable manner its great industrial and commercial growth, affording it at all times trans- portation facilities second to none and contributing vitally to its develop- ment into one of the greatest manufacturing eenters and shipping marts in the West.
"The Chicago and North Western line," says a writer in the Milwaukee Sentinel, in its issue of January 1, 1921, "opened the way for this city to be- eome the gateway to the productive and great manufacturing field covered by
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HISTORY OF MILWAUKEE
the Fox River Valley, the famously rich iron and copper country in Northern Wisconsin and the upper peninsula of Michigan, the vast lumber resources. agricultural and dairy products of the Badger State, and the grain belt of the Dakotas and Northwest, by providing terminal facilities in the city which have always kept a step ahead in the march of progress. This is strikingly illustrated especially by the great terminal facilities of the Chicago and North Western railway in the City of Milwaukee at the present time."
Brief Description of Terminal Facilities .- "First and foremost." con- times this writer, "is the Butler yard, which was completed in 1912, and which was a part of the terminal facilities of the new line built that year across Wisconsin from Milwaukee to Wyeville. This yard covers an area of 249 acres, has a capacity of 2,130 cars per day, and also has repair tracks for 240 additional cars. Butler Yard is located on what is known as the Mil- waukee belt line of the Chicago and North Western railway, which provides interchange freight service at Milwaukee without the necessity of bringing the cars into the business district."
Some of the great industries of Milwaukee may be mentioned, for ex- ample : leather, cooperage, rubber, vinegar, lumber, machinery, electrical sup- plies, glass, packing house products, cement, coal and grain. The Chicago and North Western railway has built connecting lines to the various plants, yards and premises of these various industries to facilitate the transportation of the raw materials as well as the finished products, to be shipped to numer- ous destinations. Many of these plants now "rank among the largest of the'r kind in the world."
The terminal facilities of the Chicago and North Western railway in Mil- waukee are given as follows: Third Ward. South Side, Bay View, St. Francis. Cudahy. South Milwaukee, Becher Street, Russell Avenne, Layton Park, Lincoln-National Avenue. ( West Allis)-North Greenfield. (North Avenue and Lake Shore Junetion )-Lindwurm. "These facilities." says the writer above mentioned, "afford direct connection between the central terminal and prae- tieally all the great manufacturing plants and distriets in the City of Mil- waukee."
Between Milwaukee and Chicago the Chicago and North Western railway is provided with a trunk line of four tracks, and at various points diverging lines to principal cities throughout the state and in the Northwest, as well as car ferry service across Lake Michigan to ports on the east coast where they connect with lines to eastern territory.
"Ninety-eight passenger trains arrive at and depart daily from the Lake Front station located at the foot of Wisconsin Street." it is said. The heavy street traffic in Milwaukee caused by this movement of passenger traffic is plain to the observer. The present commodious passenger station of the North Western was completed during the year 1890. Thus frequent com. minication is maintained with Chicago, Madison, Fond du Lac. Oshkosh. Green Bay, Minneapolis, St. Panl. Duluth, Superior. Sioux City, Omaha, Denver, Salt Lake City and the many important cities of the Pacific Coast. The present North Western system is able by its connecting lines to reach practically every point throughout the Great West.
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THE COMING OF THE RAILROADS
Conditions in the Pioneer Period .- " In 1835," says th's writer, "there was neither a mile of railroad built nor a corporation chartered to build a line in Northern Illinois or Wiseonsin. Milwaukee was then but a small vil- lage, looking for its commercial prosperity to come by way of boats on Lake Michigan, and they were few and far between." One of the oldest of the constituent parts of the North Western system was the Galena and Chicago Union Railroad, completed from Chicago as far as Elgin in 1850. This road had been chartered as far baek as 1836, and had been fourteen years in ac- complishing this short distance,-forty-two miles.
The rails of the old Galena road were what were known as "strap rails," consisting of an iron plate 212 inches wide by 34 inch in thickness, laid on an oak ribbon, which in turn was laid flat-wise on timbers or ties about six inches square, and firmly secured by spikes. A better form of rail was about that time coming into, nse called the "edge-rail," one of the earlier forms in the development of the T-rail, but the company was not able to stand the greater cost of these rails. On that point the president of the company in his report regarding the plans of construction said that owing to the condi- tion of the money market the company was prevented "from getting iron and engines in the East, or to purchase edge-rails for their road; and that hence it has been decided that strap-rails (flat or plate rails) would have to be used."
Engines and Rolling Stock .- The first engine in the service of the Galena road was called the "Pioneer," and in fact this was the only engine in use for many years. In the early days of railroading all engines had names given to them just as all vessels bear names by which they are distinguished. When in the course of time the railroads acquired possession of large num- bers of engines the names, as we find them in the older histories and the recollections of the pioneers, form an interesting and picturesque feature of early railroading. The old Pioneer has since become a famous curiosity and was exhibited at the World's Fair in Chicago, in 1893, and at St. Louis in 1904. This engine was built by the Ballwin Locomotive Works in Phila- delphia ; it had cylinders ten inches in diameter with an eighteen-inch stroke, it had but one pair of driving wheels of 412 feet diameter, and weighed ten tons. John Ebbert was appointed the engineer to take charge of and run this engine, and did so for many years. Ile had the satisfaction of exhibiting the engine at the Chicago World's Fair, and there told its story many thou- sand times. Mr. Ebbert died in 1899 in his eighty-sixth year.
There is a letter in the possession of the Evanston Historical Society, writ- ten by A. Z. Blodgett who was an employee of the old Chicago and Milwau- kee railroad in which is given an account of the first trip made from Chicago to Milwaukee, May 24, 1855. The train consisted of five flat cars fitted up with seats around the sides to accommodate the invited guests numbering some two hundred persons. "We stopped the train about where Zion City is now," he writes, "and cut pine trees and put them in the stake sockets for shade." This outfit he rather humorously called an "excursion train."
The Milwaukee Sentinel, in its issue of Friday, May 25, 1855, prints a notice of the arrival of the train from Chicago, as follows: "The train
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THE STOCK YARDS AT WEST MILWAUKEE-MENOMONIE VALLEY
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from Chicago brought up a good load. This is to be a popular and paying route from the start. We are indebted to Conductor Hibbard for New York papers of Tuesday (22d), St. Louis papers of Wednesday (23d), and Chicago papers of yesterday morning, received at 2 o'clock yesterday afternoon."
Operation of Trains .- The old wood-burning locomotives used on the rail- roads of the fifties were objeets to arrest the attention of the beholder as they arrived at the station, or dashed by on their "path of steel," leading their trains of coaches. The smokestaeks on those old-time engines were fear- some things to look upon while pouring forth volumes of smoke and sparks sent through them by the exhausts from the cylinders. The smokestacks were shaped like a balloon often having a breadth as great as the top of the boiler itself, and the puffing of the engine was such a terror to horses and cattle that a stampede usually took place in the adjoining fields and roads when the engine came in sight. The terror was greatly heightened by the clanging of the engine bell and the blast of the whistle. The passing or arrival of a train was an event calculated to try the nerves of any person but those long accustomed to its appearance. Up to the year 1856 wood alone was used for fuel, but in this year eoal began to be used. However, the great smokstacks of the early type of engines continued in use for many years and it was only by degrees that coal displaced the use of wood as fuel. When coal burning engines came into general use, requiring smokestacks of reduced size, it seemed to those who had become familiar with the older type that there was a distinct loss of dignity in their appearance. The names bestowed upon the engines of the Chicago and North Western line after it came into existence were generally associated with some historie personage or event. For example, there were such names as Algonquin, Mohawk, Wood- bine. Tiger, Moose, Blackhawk, Shabbona, etc.
It is related that the old Indian chief, Shabbona or Shanbena, after whom one of the engines was named, was often to be seen in his old age in the Chi- eago depot standing alongside of the engine while passengers were leaving the cars, and pointing to the engine in the view of the passing throng he would exelaim, "Shabbona,-me !"
Growth of the Railroads .- In the early days of railroading it was not eus- tomary for the employes of the railroad to wear uniforms as is now the universal practice. Every conductor, brakeman, and others at the stations, wore such clothes as pleased him best. If we should suddenly return to the conditions in this respect then prevailing the sight of "plain clothes men" on duty would astonish the beholders. It is related that on the eastern roads, the New York Central for example, it was usual to see the conductor in a silk hat and frøek coat passing through the train taking fares or collecting tiekets and at the stations giving the signal to start by waving a red silk handkerchief. In fact the condnetor of a train was the personage who in the eyes of the public represented the glory and power of the entire railway system, and to whom dne homage was rendered by travelers and the resi- dents along the line. Trains were known to the regular patrons of the rail- road by the name of the conductor, and passengers exchanged greetings with
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him and his associates on the most intimate terms of respect and neighborly familiarity.
Last Days of the Galena and Chicago Union Railroad .- When the Galena and Chicago Union was chartered in 1836 the initial name of the corporation was taken from the larger and at that time the more important City of Galena. The charter provided for a railroad from Galena and Jo Daviess County to the town of Chicago, and fixed the capital at $100,000. It also provided that "if at any time, after the passage of this act, it shall be deemed advisable by the directors of the said corporation to make and construct a good and permanent turnpike road upon any portion of the route of the rail- road, then the said directors are hereby authorized and empowered to con- strnet a turnpike."
At the time of the "Great Consolidation," June 3, 1864, the Galena and Chicago Union railroad and the Chicago and North Western railway became united in one great corporation, under the name of the latter, though the Galena road was the older of the two. Other railroad corporations had al- ready been merged with the North Western system, as well as in the Galena system. "The union of the Galena corporation with that of the North West- ern," says Dr. W. H. Stennett, in his historical account of this event, "was much more than a seven days' wonder. It was talked about from the Atlantic to the slopes of the Missouri River, and opinions were as varied about it as were the people that gave them. It is believed that this was the first really important railroad consolidation that had taken place in the United States." Thuis the extinction of the old Galena road became an accomplished fact. It had become a highly prosperous system and it was the most important unit in the consolidation. It was then "the leading railroad of the West."
Railroad Connection with Chicago .- The Chicago and Milwaukee railroad and the Milwuakee and Chicago railroad had already consolidated the year before the great consolidation, under the name of the former. After May 2. 1866, the corporation was leased to the young giant among the railroads of the West. the Chicago & North Western Railway.
The Michigan Sonthern & Northern Indiana Railroad completed its line to Ch'rago, February 20. 1852, and on May 21st in the same year the Mich- igan Central did likewise. Thus on the opening of these lines, and that be- tween Chicago and Milwaukee, the latter city was placed in full commmica- tion with rail rontes to the East.
Telegraphic Communication .- On the evening of January 15. 1848. the first telegraphie message between Chicago and Milwaukee was sent and an answer received, the message and reply being as follows: "J. J. Speed's respects to the intelligent, liberal. hospitable people of Milwaukee. Long may their noble city be as now. the pride of the lakes, and the home of enterprise. prosperity and happiness." The answer came immediately: "The people of Milwaukee thank Col. Speed for his friendly salutation and for the manner in which he sends it. Milwaukee tenders to Chicago the right hand of friend- ship: once united may they never be divided." This, it will be observed. was seven years before the two cities had been connected by rail.
It was usual in those days to set the poles supporting the wires along
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THE COMING OF THIE RAILROADS
country roads, as it is at present in many cases, rather than along the right of way of railroad lines which indeed did not exist as yet. A country road passing a few miles west of the north shore from Chicago to Milwaukee is known to this day as the "old Telegraph Road," owing to this usage.
Chicago & North Western Railway .- Mileage by States: December 31, 1920, Illinois, 824.53 miles ; Wisconsin, 2,160.12; Michigan, 510.90; Minnesota, 650.30; Iowa, 1,632.55; North Dakota, 14.28: South Dakota, 1,230.45; Nebraska, 1,100.80; Wyoming, 278.35; second track, 278.35-total, 8,402.28 miles.
Capital Stock: Authorized $200,000,000 in $100 shares, of which $169,963,- 596 was issued up to December 31. 1920, as follows: Preferred stock and serip, $22,398,955; common stock and serip, $147,499,641 ; special stock ontstanding, $65,000-total capital stoek and serip (outstanding, $167,617,249; owned by company, $2,346,347), $169,963,596.
Officers: Marvin IInghitt, chairman of board ; William HI. Finley, president, Chicago ; Samuel A. Lynde, vice president and assistant secretary, New York ; Marvin Ilughitt, Jr., vice president in charge of operation ; A. C. Johnson, viee president in charge of traffic ; John D. Caldwell, secretary and assistant treas- urer, Chieago ; Arthur S. Pierce, treasurer and assistant secretary, New York; James B. Sheean, general counsel ; Lewis A. Robinson, comptroller; Charles D. Brandriff, general auditor ; Frank Walters, general manager : Walter J. Towne, chief engineer : G. B. Vilas, general superintendent; Frank J. Berk, general purchasing agent, Chicago.
Executive Committee: Marvin Hughitt, Chauncey M. Depew, Oliver Ames, Edmund D. Hulbert, D. P. Kimball. W. K. Vanderbilt, Chauncey Keep, W. H. Finley.
Directors: C. M. Depew, S. A. Lynde, New York : D. P. Kimball, Gordon Abbott, Boston ; Marshall Field, Chicago; Childs Frick, L. I. Roslyn, New York ; Marvin Hughitt, E. D. Hulbert, Chicago; William K. Vanderbilt, New York ; H. C. MeEldowney, Pittsburgh ; Oliver Ames, Boston ; F. W. Vanderbilt, H. S. Vanderbilt, New York ; C. II. McCormick, Channecy Keep, W. H. Finley, James B. Sheean, Chicago. Chicago office, 226 Jackson Boulevard ; New York office, 111 Broadway, Manhattan.
Vol. 1-22
First
Wisconsin
Wisconsin
National
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BANK
ผกานายน
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ROBERT
EAST WATER STREET LOOKING NORTH FROM WISCONSIN STREET
CHAPTER XXII
BANKING AND FINANCE
A banking institution is primarily an integral and essential part of the ceo- nomic life of the community. Its intimate relation to the industrial and com- mereial activities, its function as a conservator of integrity and stability, and its services to the general public, render it at once an indispensable factor in the material progress and welfare of a modern day.
Its assets, therefore, embrace more than the cash and securities in its vaults; its function is greater than the service rendered to borrower and lender; its influence wider than an immediate touch with its clients. These assets include also the character and efficiency of its directorate and official heads. They must stand as guardians of the financial stability and material advancement of a whole community.
The banker not only sets standards in business methods but he must up- hold the ideals of business honor and reetitude. He must not only protect the solvency of his own institution, foster promptness and the orderly relations between himself and his enstomers, but in his capacity of financial adviser must hold his enstomers to wise and safe policies. Ile must, when the occasion arises, stand against the speculative tendencies of his client, protest against enterprise born of unwarranted confidence, and counsel a course of action that shall ensure security as well as steadiness of purpose in the path of development and growth. He must serve as a barrier against ruin as well as a guide to success.
The community may be likened to the family. What makes for the wel- fare of the smaller unit applies to the larger. The necessities of life precede comforts and pleasures. The farm must be productive, the factory must be busy, the mine must yield its treasures. Trade and transportation must be moving. Production and the exchange of prodnets minst continne.
The collective community like the individual family must be afforded a livelihood. There must be wages and profit. Food, housing and clothing are primary; comforts and pleasures secondary. Education and morality must be fostered simultaneously with material advancement. One is dependent upon the other. The increment of profit and wage must be garnered. It forms the capital which must give vitality and zest to labor, to constructive enter- prise, to commerce and trade.
What may concern the material welfare and progress of the community as a whole must necessarily concern the bank. The interests of the community and the bank are mutual and reciprocal. It follows then that the banker must at all times manifest a lively and active interest in the movements making for community advancement. Wherever he can, by his presence, his
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HISTORY OF MILWAUKEE
counsel, his assistance, promote the material and moral progress of his com- munity, he should do so.
Early Banking Days .- The Territory of Wisconsin was established by aet of Congress, April 20, 1836, and at the first session of the new Legislature three banks were incorporated, as follows: the Miners' Bank of Dubuque (then under Wisconsin for governmental purposes), the Bank of Mineral Point, and the Bank of Milwaukee. The charters of the three banks were alike but in this sketch the latter will be noticed especially.
At that time Milwaukee was a little more than an Indian trading post and local banking facilities did not exist. The capital stock of the bank of Mil- waukee was to be $200,000 in shares of $100 each. The commissioners named to take subscriptions to the stock were as follows: Rufus Parks, Horace Chase, James Sanderson, Giles S. Brisbin, Sylvester W. Dunbar, George Bowman, Jesse Rhodes, Cyrus Hawley, and Solomon Juneau. These men were to be the first directors until a regular meeting of the stockholders should elect a board of directors (limited to seven) to manage its affairs.
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