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NEGenWeb Project
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BUILDING AND LOAN ASSOCIATIONS The earliest building and loan association of record was the Omaha building and loan association, incorporated by legislative act approved January 12, 1860.
The first building and loan law was called a mutual loan association law and was approved February 18, 1873. This act was repealed by an act approved March 31, 1891. The articles of incorporation, constitution and by-laws of these associations were to be approved by the auditor, treasurer and attorney general, or any two of them, and annual and any other required reports made to these officials by the associations. An act approved April 4, 1899, placed building and loan associations under the control of the banking board.
No reports are available prior to 1892. Detailed information subsequent to the law of 1891 may be obtained from the annual building and loan report made to the banking board.
STATEMENT OF TOTAL NUMBER OF ASSOCIATIONS, NUMBER OF SHARES IN FORCE AND TOTAL ASSETS,
FROM 1892, THE FIRST YEAR THAT AUTHENTIC REPORTS WERE MADE, DOWN TO THE PRESENT TIME.
(From Report of State Banking Board.)
Years
Number of Associations Number of Shares in Force Total Assets 1892
71 45,012.5
$2,902,557.67
1893
84 61,964.1
3,653,096.83
1894
86 71,231.5
3,888,001.31
1895
81 70,615.
3,929,778.27
1896
73 64,891.75
3,771,833.53
1897
68 67,597.5
3,554,788.08
1898
64 79,973.
3,428,728.11
1890
60 89,492.
3,332,781.67
1900
60 105,625.
3,697,356.06
1901
59 119,985.
4,314,744.95
1902
58 130,083.
4,758,293.91
1903
59 153,424.
5,343,429.36
1904
60 174,022.
6,217,350.40
1905
59 196,030.
7,269,297.48
1906
61 220,648.
8,961,788.11
1907
60 315,372.
11,422,890.88
1908
68 372,826.77
13,415,822.89
1909
70 438,054.19
17,094,771.57
1910
70 512,344.71
21,327,766.83
1911
69 602,159.94
24,885,285.15
1912
68 668,122.85
28,946,109.63
1913
70 740,925.29
32,746,726.24
1914
72 816,571.25
37,138,413.21
1915
71 891,333.79
41,660,870.53
1916
72 1,007,346.63
47,917,847.08
1917
73 1,122,518.01
54,545,629.78
1918
73 1,190,784.02
57,151,M5.70
1919
74 1,356,423.00
65,769,052.56
LEGAL RATE OF INTEREST An act approved on March 14, 1855, fixed the legal rate of interest at "ten cents on the hundred by the year." An act approved January 7, 1861, fixed the rate at ten per cent, unless a rate, not to exceed fifteen per cent had been agreed upon. The maximum rate was lowered to twelve per cent by an act approved February 7, 1867. The law now in force was approved February 27, 1879. It places the legal rate at seven per cent, with a maximum of ten per cent.
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BANK CLEARINGS
OMAHAThe Omaha clearing house association was organized October 23, 1884, by the election of the following officers:
President--Herman Kountze, First National Bank.
Vice-President--Frank Murphy, Merchants National Bank.
Committee of Management--Henry W. Yates, one year; Wm. Wallace, two years; M. T. Barlow, three years.
Manager--W. H. S. Hughes.A constitution and a set of by-laws had been presented at a meeting nine days earlier (October 14, 1884) by a committee appointed by the bankers of Omaha for the purpose of drafting said constitution and by-laws, this committee consisting of Messrs. F. H. Davis, H. W. Yates, and Wm. Wallace.
The constitution, as spread upon the records of the association, was signed by the following banks:
First National Bank, by H. Kountze, President.
Omaha National Bank, by J. H. Millard, President.
Nebraska National Bank, by H. W. Yates, President.
Merchants National Bank, by B. B. Woods, Cashier.
United States National Bank, by M. T. Barlow, Cashier.
Commercial National Batik, by A. P. Hopkins, Cashier.The following banks have been admitted to membership since. the organization of the association by the above six banks:
February 11, 1887--The State National Bank of Omaha, E. L. Lyon, Cashier.
Julie 8, 1887--The Union National Bank of Omaha, John W. Rodefer, Cashier
September 3, 1889--The American National Bank of Omaha, Thomas H. McCague, Cashier.
March 25, 1892--The National Bank of Commerce of Omaha, E. L. Bierbower, Cashier.
October 28, 1907--South Omaha National Bank, H. C. Bostwick, President.
October 28, 1907--Union Stock Yards National Bank of South Omaha, E. F. Folda, Vice-President.
October 28, 1907--Packers National Bank of South Omaha, J. F. Coad, President
October 5, 1909--City National Bank of Omaha, J. F. Flack, President.
January 5, 1911--Stock Yards National Bank of South Omaha, H. C. Bostwick, President. (Consolidation of South Omaha National and Union Stock Yards National Bank.)
August 3, 1914--Corn Exchange National Bank of Omaha, W. T. Auld, President.
August 3, 1914--Live Stock National Bank of South Omaha, C. F. McGrew, President.The association is now (November, 1920) composed of the following hanks:
First National Bank of Omaha.
Omaha National Bank.
Nebraska National Bank of Omaha.
Merchants National Bank of Omaha.
United States National Bank of Omaha.
Stock Yards National Bank of South Omaha.
Packets National Bank of South Omaha.
Corn Exchange National Bank of Omaha.
Live Stock National Bank of South Omaha.
Federal Reserve Branch Bank, Omaha.Attached is a list of the officers of the Omaha clearing house association since its beginning, also a statement showing the annual clearings each year and the clearings by months for the year 1920.
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RECORD OF OFFICERS OF OMAHA CLEARING HOUSE ASSOCIATION.
Year
President
Vice-President
Manager
1884 (Oct., Nov., Dec.)
H. Kountze
Frank Murphy
W. H. S. Hughes
1885
H. Kountze
Frank Murphy
W. H. S. Hughes
1886
H. Kountze
Frank Murphy
W. H. S. Hughes
1887
J. H. Millard
H. W. Yates-.-.
W. H. S. Hughes
1888
J. H. Millard
H. W. Yates
W. H. S. Hughes
1889
H. W. Yates
Wm. Wallace
W. H. S. Hughes
1890
H. W. Yates
Wm. Wallace
W. H. S. Hughes
1891
Frank Murphy
Wm. Wallace
W. H. S. Hughes
1892
C. W. Hamilton
A. P. Hopkins
W. H. S. Hughes
1803
C. W. Hamilton
A. H. Hopkins
W. H. S. Hughes
1894
Frank Murphy
C. W. Lyman
W. H. S. Hughes
1895
C. W. Lyman
H. W. Yates.
W. H. S. Hughes
1896
C. W. Lyman
H. W. Yates
W. H. S. Hughes
1897
J. H. Millard
H. W. Yates
W. H. S. Hughes
1898
J. H. Millard
H. W. Yates
W. H. S. Hughes
1899
M. T. Barlow
H. W. Yates
W. H. S. Hughes
1900
M. T. Barlow
W. W. Marsh
W. H. S. Hughes
1901
W. W. Marsh
F. H. Davis.
W. H. S. Hughes
1902
F. H. Davis
W. W. Marsh
Wm. B. Hughes
1903
F. H. Davis
H. W. Yates
Wm. B. Hughes
1904
Luther Drake
H. W. Yates
Wm. B. Hughes
19M
Luther Drake
H. W. Yates
Wm. B. Hughes
1906
H. W. Yates
V. B. Caldwell
Wm. B. Hughes
1907
H. W. Yates
V. B. Caldwell
Wm. B. Hughes
1908
J. H. Millard
E. F. Folda
Wm. B. Hughes
1909
J. H. Millard
E. P. Folda
Wm. B. Hughes
1910
C. T. Kountze
J. C. French
Wm. B. Hughes
1911
C. T. Kountze
J. C. French
Wm. B. Hughes
1912
V. B. Caldwell
J. C. French
Wm. B. Hughes
1913
V. B. Caldwell
J. C. French.-.
Wm. B. Hughes
1914
J. C. French
Luther Drake
Wm. B. Hughes
1915
J. C. French
Luther Drake
Wm. B. Hughes
1916
Luther Drake
W. H. Bucholz
Wm. B. Hughes
1917
Luther Drake
W. H. Bucholz
Wm. B. Hughes
1918
J. H. Millard
F. H. Davies
Wm. B. Hughes
1919
J. H. Millard
F. H. Davies
Wm. B. Hughes
1920
H. H. Davis
H. E. Haney
Wm. B. Hughes
ANNUAL CLEARINGS
November 1, 1884, to October 30, 1885
$ 51,528,609.31
1886
82,690,570.19
1887
137,220,534.55
1888
166,007,003.27
1889
201,250,166.00
1890
245,062,456.67
1891
221,128,895.35
1892
272,939,692.01
1893
316,416,872.94
1894
214,736,084.03
1895
190,643,238.87
1896
210,141,334.28
1897
243,388,798.57
1898
319,561,528.61
1899
297,432,370.30
1900
316,537,043.61
1901
330,931,739.96
1902
361,511,775,77
1903
392,880,920.88
1904
395,916,569.88
1905
442,857,685.15
1906
504,388,764.90
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1907
567,515,788.61
1908
601,693,867.26
1909
736,225,568.93
1910
832,971,007.70.
1911
753,107,353.51
1912
860,881,557.64
1913
908,947,659.76
1914
887,500,298.77
1915
982,671,080.12
1916
1,279,178,595.37
1917
1,873,581,133.00
1918
2,818,962,262.25
1919
3,058,973,348.78
Monthly clearings, 1920, to August 1st:
January
$ 305,287,689.15
February
222,901,976.43
March
393,358,085.53
April
315,273,872.50
May
282,405,225.47
June
247,216,948.75
July
231,214,930.15
$1,997,658,727.98
INSURANCE The first insurance company to incorporate in Nebraska was the Franklin insurance company, which was authorized by legislative act approved March 15, 1855. The incorporators were. J. W. Paddock, W. M. Hathaway, J. B. Ellsworth, William Kempton, Experience Estabrook, William Corfield and J. W. Richardson. This company was authorized to transact all sorts of insurance business. On February 12, 1857, the Platte Valley insurance company of Bellevue and on the following day the Nebraska City insurance company were chartered.
The first attempt to regulate insurance companies is found in an act approved February 15, 1864. This act related only to fire and marine insurance and required semi-annual statements to be filed with the territorial auditor and the county treasurer of the county where the company was located. Companies were also required to obtain from the. territorial auditor certificates of right to do business in the territory. The revised statutes of 1866 applied these provisions to all insurance companies.
An act approved February 25, 1873, and which applied to all forms of insurance companies except life insurance companies, restricted companies to one of five specified forms of business. It empowered the state auditor, in his discretion, to have any insurance company inspected. It also fixed the auditor's fees for certification, filing semi-annual statements, and inspecting. The auditor was required to tabulate the statistics of insurance companies and submit them with his regular report.
From 1864 to 1913 regulation of insurance business in Nebraska was a part of the work of the auditor's office, except during part of 1899, when a. legislative act created a separate bureau of insurance. This act was declared to be unconstitutional by the supreme court.
In 1913 a complete insurance code was enacted, and a separate insurance board created. Under the civil administrative code this has become the bureau of insurance under the department of trade and commerce.
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