Union Stock Yards NB, South Omaha, NE (Charter 4632)
Union Stock Yards NB, South Omaha, NE (Chartered 1891 - Liquidated 1911)
Town History
South Omaha, located in Douglas County, is a former city and current district of Omaha, Nebraska. During its initial development phase, the town's nickname was "The Magic City" because of the seemingly overnight growth due to the rapid development of the Union Stockyards. Annexed by the City of Omaha in 1915, the community has numerous historical landmarks; many are within the South Omaha Main Street Historic District. The traditional borders of South Omaha included Vinton Street to the north, Harrison Street to the south, the Missouri River to the east, and 42nd Street to the west.
The area that would become South Omaha was rural until the early 1880s when cattle baron Alexander Hamilton Swan decided to establish a stockyards operation just south of Omaha. The South Omaha plat was registered on July 18, 1884. Two years later, South Omaha was incorporated as a city. By 1890, the city had grown to 8,000 people, a rate of growth that earned it the nickname "The Magic City".
In less than 10 years, South Omaha had developed as a regional stockyards and meatpacking center. Its industrial jobs did not require high-level language skills, so it drew thousands of immigrant workers, mostly from eastern and southern Europe. This area of the city showed ethnic succession as different waves of immigrants established certain territories as their own during their first settlement.
South Omaha had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.
Bank History
- Organized August 26, 1891
- Chartered September 18, 1891
- Succeeded Union Stock Yards Bank
- Liquidated January 3, 1911
- Succeeded by 9908 (Stock Yards National Bank, South Omaha, NE)
In November 1886, the Union Stock Yards Bank of South Omaha opened for business. The directors were Herman Kountze, John A. McShane, William A. Paton, Peter E. Iler, John A. Creighton, Fred H. Davis, Samuel W. Allerton, Chicago; Robert D. Fowler, Chicago; and M.C. Keith, North Platte. The officers were John A. McShane, president; W.A. Paxton, vice president; and E.B. Branch, cashier. The bank was incorporated under the laws of Nebraska with capital $200,000 and was located in the Exchange Building. The rooms occupied by the concert were located in the southeast corner of the building, second floor and were designed for the purpose by the architect when the building was erected. A fire-proof vault was provided and the rooms fitted up with private parlors and other conveniences especially adapted to the banking business. An elegant sign with the words "Union Stock Yards Bank" in highly ornamented letters designated the location.[2][3]
On Wednesday, January 7, 1891, at the regular annual meeting of the stockholders of the Union Stock Yard Bank held in Omaha, the following officers were elected: John A. McShane, president; Thos. B. McPherson, vice president; E.B. Branch, cashier. The board of directors decided that the increased business of the bank demanded the presence of another officers to assistant the cashier and vice president McPherson, formerly of the Bank of Arapahoe would thereafter devote his entire attention to the business there. The bank would soon move into the elegant new building adjoining the exchange building where with ample office and vault room they would be fully equipped for the increasing business of the yards.[4]
The Union Stock Yards National Bank received a charter on September 18, 1891. The directors were Herman Kountze, John A. Creighton, John A. McShane, Thos. B. McPherson, Ed. A. Cudahy, James Vilas, Jr., F.H. Davis, Peter E. Iler, and H.W. Megquier. The officers were John A. McShane, president; Ed. A. Cudahy, vice president; Thos. B. McPherson, cashier; John L. Carson, assistant cashier.[5]
On Tuesday, January 8, 1907, at the annual meeting of the stockholders, officers elected were: John A. Creighton, president; F.H. Davis and E.F. Folda, vice presidents; J.L. Davis, cashier; and N.F. Reckard, assistant cashier. The directors were John A. Creihton, F.H. Davis, E.F. Folda, Stanton Palmer, C.T. Kountze, L.L. Kountze, S. McRoberts, W.J.C. Kenyon, and F.R. Hedrick.[6]
In March 1910, the purchase of the Kountze-Davis interests in the Union Stock Yards National Bank gave controlling interest to South Omaha men or financiers who had other large interests in that city. J. Ogden Armour, E.F. Folda, C.F. Coffee, Ora Haley, and F.W. Clarke bought the interests of Messrs. Kountze and Davis bringing about an alteration in the official force of the bank. At a meeting of the directors on March 15th after the sale was made, E.F. Folda, for four years connected with the bank, was named president, being promoted from the position of vice president which he held for three years; R.J. Dunham, president of the Union Stock Yards Company, became vice president; and F.W. Clarke was chosen cashier. Epes Cory who had been with the bank for more than 20 years, retained the position of assistant cashier which he had held for some time.
During this period the bank become a member of the Omaha clearing house. In spite of the opposition of four of Omaha's banks, South Omaha was designated a reserve city, and thus the Union Stock Yards National Bank was placed upon equal footing with the banks of Omaha. The bank's board of directors was composed of some of the most influential financiers and stock men in the state and in the entire west. Located at the stock yards, and relying upon the live stock interests of the west for a good share of its business, stock men of national reputation have taken interests in the bank, and of those men a number have been chosen as directors. J. Ogden Armour, whose name was a by-word in meat packing interests everywhere, had increased his holdings and active interest in the institution; E. Buckingham, manager of the Union Stock Yards, retained the interest that he recently gained in the bank and E.F. Folda, F.W. Clarke, R.J. Dunham, C.F. Coffee, Ora Haley and R.C. Howe, the other directors, had been for years well-known in either banking or live stock interests in the west. E.F. Folda, the new president of the bank, was not a native Nebraskan, but practically all his life had been spent there, and all of his banking experience has been with a Nebraska institution. He was born in Wisconsin forty-four years ago, and when three years old came to Schuyler, Nebraska, with his parents. In that town, in 1887, his father opened a new bank and the Banking House of F. Folda had remained substantial and strong until today, although its founder passed away some years ago. E.F. Folda assumed the position of cashier of the bank and remained there until 1906, when he purchased an interest in the Union Stock Yards National bank and was made its cashier. All, or nearly all, of Mr. Folda's experience had been of the practical kind. He was educated in the common schools of Schuyler, and for a short time a student at Racine College, but attracted more by practical business life than by theoretical training, he remained but a brief time, returning to go into active business with his father, taking charge of the live stock business until 1887, when the banking house of F. Folda was established. E.F. Folda retained his interest in live stock trade at Schuyler since he moved to South Omaha.
F.W. Clarke, who assumed the duties of cashier, had been a banker all his life. He was reared at Creston, Iowa, and for seventeen years was in the First National Bank at that place. He later purchased an interest in the First National Bank of Harrison, Nebraska, and for eight years was its owner. About a year ago he came to South Omaha to accept the cashiership of the Union Stock Yards National Bank. Although he has been in that city only a little more than a year he had made a host of friends and was considered a very capable banker.
R.J. Dunham, vice president of the bank, had been president of the Union Stock Yards Company of Omaha for some time, and held extensive packing interests, being of the house of Armour & Company. A number of the directors were local men, but some are well known financiers and stock men from other states. Buckingham, now general manager of the Union Stock yards, was for a number of years superintendent of the Oregon Railroad & Navigation Company. Ora Haley was known as the millionaire cattle man of Wyoming; C.F. Coffee was president of the First National bank of Chadron and had extensive live stock interests in north-west Nebraska; and R.C. Howe, another director, was for years the South Omaha manager of Armour & Company, and was now the South American manager of that company.
The bank was organized in 1886 and nationalized five years later. In the last four years the bank, had nearly doubled its business. In 1906, when E.F. Folda came to the bank, the business of the bank was slightly more than $3 million while the record of the last year showed the total business somewhat more than $5 million. The deposits had grown from $500,000 four years ago to more than $4,000,000. The banks quarters were a little small for the bank's rapidly increasing business and it was though likely that it would have to enlarge its quarters soon.[7]
In December 1910, the new addition to the bank building at the stock yards was practically completed. The interior work was very fine and it would be one the finest bank buildings in the state as far as the interior was considered at least. The day fixed for the merger of the two banks was January 3rd. On that day the South Omaha National Bank and the Union Stock Yards National would combine and begin doing business under the new name of the Stock Yards National Bank of South Omaha. The articles of incorporation had been filed some time. H.C. Bostwick, president of the South Omaha National, was selected as president of the new institution.
Mr. Bostwick had been at the head of the South Omaha National for a number of years and was well-known in the city. For vice presidents the Stock Yards National would have E.F. Folda and F.W. Clarke. Mr. Folda has been vice president of the Union Stock Yards Bank for some years, and Mr. Clarke was at present cashier of the same bank. The cashier selected was John C. French, who had long filled the same position at the South Omaha National. The assistant cashiers were E. Cory, H.C. Miller and James Bowen. John S. King would be Mr. Bostwick's assistant. The directors would be J. Ogden Armour, H.C. Bostwick, K.C. Barton, Everett Buckingham, F.W. Clarke, Truman Buck, E.A. Cudahy, C.F. Coffee, R.J. Dunham, E.F. Folda, R.C. Rowe, J.C. French, Ora Harley, E.M. Morsman, Jr., and J.B. Standish. It was understood that Joseph M. Cudahy would also to be elected a director in the new bank. The new institution would be one of the strongest financially in the state, representing so many large concerns. This bank was backed by the combined capital of the Union Stock Yards Company and the Cudahy and Armour interests. The capital stock would be $750,000 with a surplus of $250,000. Deposits at the start would amount to about $7,000,000.[8]
Official Bank Title
1: The Union Stock Yards National Bank of South Omaha, NE
Bank Note Types Issued
A total of $529,800 in National Bank Notes was issued by this bank between 1891 and 1911. This consisted of a total of 58,500 notes (58,500 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 4x5 1 - 4250 1882 Brown Back 3x10-20 1 - 6760 1882 Date Back 4x5 1 - 2465 1882 Date Back 3x10-20 1 - 1150
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1891 - 1911):
Presidents:
- John Albert McShane, 1891-1896
- John Andrew Creighton, 1897-1906
- Frederick Henry Davis, 1907-1909
- Englebert Frank Folda, 1910-1910
Cashiers:
- Thomas Buchanan McPherson, 1891-1905
- Frank R. Hedrick, 1906-1908
- Frederick Weaver Clarke, (Sr.), 1909-1910
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- South Omaha, NE, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- ↑ South Omaha Daily Stockman, Omaha, NE, Thu., Oct. 29, 1891.
- ↑ South Omaha Daily Stockman, Omaha, NE, Fri., Nov. 26, 1886.
- ↑ South Omaha Daily Stockman, Omaha, NE, Wed., Dec. 29, 1886.
- ↑ South Omaha Daily Stockman, Omaha, NE, Fri., Jan. 9, 1891.
- ↑ South Omaha Daily Stockman, Omaha, NE, Fri., Oct. 9, 1891.
- ↑ Omaha Daily Bee, Omaha, NE, Wed., Jan. 9, 1907.
- ↑ The Schuyler Messenger, Schuyler, NE, Fri., Apr. 15, 1910.
- ↑ Omaha World-Herald, Omaha, NE, Wed., Dec. 28, 1910.