1889 HISTORY OF LINCOLN, NEBRASKA
THE BANKS OF THE CITY AND HER OTHER FINANCIAL INSTITUTIONS -- LINCOLN AS A SOLID FINANCIAL CENTER OF THE STATE
(313) 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 21, 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 Schoolcraft, Prof. J. G. Miller, George H. Cobb, and W. P. Phillips. Judge Cobb was the first President of the bank after its incorporation, and J. F. Sudduth the first Cashier. 1n 1871 Messrs. John Fitzgerald 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 front 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.
(314) In 1872 the loans and discounts amounted to $87,177.63; U. S. bonds, $50,000; together with other items making up total resources of $232,969.97. The liabilities at that time were: Capital stock, $50,000; surplus fund, $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 follows: 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.
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. McFarland, and D. D. Muir
The State National Bank, of Lincoln, is one of the oldest and most prosperous financial institutions of Nebraska. It was founded in (315) 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 aggregate 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 director, and their high character as citizens. It is only necessary to refer to the names of these gentlemen to demonstrate that they are a very strong company, considered 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 business habits, his prudence and sagacity in business, and his financial success. He discontinued his law practice when he accepted the Presidency 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 enterprising 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 Attorney for Lincoln, and one of the most able lawyers and business men of the city, is also a director in this strong financial institution. (316) Mr. 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 responsible 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 plantation 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) 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 Lincoln, 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 progressive in adopting methods that contribute to the interests and advantage 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 success among the people, and to this end has adopted a savings-bank department for the public schools of the city, similar to the system 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, compounded semi-annually. This education in economy is carried on (318) systematically, 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 during life, and which will be of great value to the pupils when they have grown to manhood and womanhood. The schools have regular deposit 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. Taylor, Assistant Cashier.
Directors. -- C. C. White, Merchant Miller, Crete, Neb.; J. G. Southwick, Banker, Bennett, Neb.; James Kilburn, 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 lnvestment Company, Lincoln; C. T. Brown, Grain Dealer, Lincoln; L.
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. Outcalt, 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 established on January 1, 1880, 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 customers. 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; (319) John H. McCIay, 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. McLaughlin, and John H. McCleary.
A solid and well-conducted institution of the city is the Lincoln National Bank, located in the Richards Block, on the northeast corner of Eleventh and
O streets. It transacts all forms of a banking business, and its prosperity grows steadily from year to year. It was organized in August of 1882. Its present capital is $100,000, and its surplus is $35,000. Its officers now are: Nathan S. Harwood, President; R. E. Moore, Vice President; C. T. Boggs, Cashier; and Frank M. Cook, Assistant Cashier.
(320) The Union Savings Bank, at 111 South Tenth street, was incorporated 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. It, officers are: R. E. Moore, President; E. E. Brown, Vice President; C. H. Imhoff, Cashier; and the Board of Directors -- John Fitzgerald, C. E. Yates, R. E. Moore, E. E. Brown, T. E. Calvert, J. J. Imhoff; 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 National 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, President; C. C. Munson, Vice President; Joseph Boehmer, Cashier; and O. J. Wilcox, Assistant Cashier. The Directors are: Messrs. Herman H. 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 basement 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, Secretary; and S. B. Pound, Attorney.
(321) 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, running 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 Directors, who pass upon all loans, have had years of experience in loaning in Lincoln, and are competent judges as to the quality of paper offered. Its real estate loans are all made on not to exceed forty per cent of a conservative valuation, with insurance policy assigned with mortgages, or additional security, making this class of investments perfectly 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 Treasurer. Its capital is $100,000.
The Clark & Leonard Investment Company, with offices in the First National Bank building, at Tenth and O streets, was organized 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.
(322) One of the most prosperous financial institutions in the city, probably 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 farmers, 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:
|First mortgage loans and accrued interest||$19,506.54|
|Bills receivable and accrued interest||13,558.41|
|Office Furniture and all other property||777.98|
|Cash in bank and company's office||23,488.54|
|Cash premiums in course of collection||1,028.35|
|Stockholders' secured notes||50,000.00|
|Reserve for reinsurance, per law||7,604.14|
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:
|First mortgage loans and accrued interest||$65,263.90|
|Premium bills received and accrued interest||77,354.82|
|Bills received and interest secured 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 secured notes||50,000.00|
|Reserve for reinsurance required by law||97,816.15|
Or recapitulating the statements of the four years, we have the following very flattering exhibit:
|1887||95, 972. 68||16,183.75|
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.
Dun's Commercial Agency is represented by a local office in the First National Bank block, by Frank D. Blish. This office was established 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.
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