After a time, the stove business required his whole attention, and the machine branch was sold out to one of the other partners; he then bent all his energies to the invention and perfection of the stoves, and the vigorous prosecution of the business of the company. After conducting the business of the company ten years, he felt the want of a larger field for enterprise, cast around for the most eligible situation, and finally concluded that Cleveland was destined to be a great stove centre.
Resigning the management of the company February 1st, 1859, but retaining most of his interest, he came to Cleveland and started an individual manufactory, at the same time connecting with the stove business the wholesaling of tin plate, sheet iron, &c., which was conducted with such energy that a large trade was attracted to Cleveland that had previously been given to other markets.
The rapid development of business, the demand upon his time in the manufacturing department, and the need of extended facilities induced Mr.
Myers to a.s.sociate with him Messrs. B. F. Rouse and James M. Osborn, who now form the firm of Myers, Rouse & Co. Since the present firm has existed they have built a new foundry, of large capacity, with all the modern improvements, on West River street, which is now taxed to its full capacity to meet the wants of their trade.
The increase of the stove manufacturing of the city is estimated to have been full four hundred per cent. in ten years, and has fully justified Mr. Myers" estimate of the natural advantages of Cleveland as a manufacturing point.
This firm has patented a variety of new stoves that have become very popular, and hence remunerative, among which are the Eclipse, in 1850, soon followed by the Golden Rule and Benefactor, the last named having obtained a most remarkable sale, and the name itself become a household word throughout the country, and, in 1868, the celebrated Princess stove.
Of course, close attention to the wants of the country in this direction for about one quarter of a century, has given Mr. Myers a very valuable experience, which he is continually turning to account to the benefit of the public and his own enrichment. The shipments of this firm are to nearly all the markets in the northwest, reaching Council Bluffs and Omaha.
Mr. Myers is now numbered among the most successful business men of the city, and his success has been achieved in a department that has added very materially to the progress of the city. The large number of men employed, and the still larger number put into requisition in the production of the material required for the uses of the manufactory, and to supply the needs of the men, have added to the population and wealth of Cleveland.
Although so much engrossed in business since coming to Cleveland, Mr.
Myers has found time to be active in many benevolent movements. For thirty years he has been a useful member of the Baptist church. His Christian labors have been generously given to the Sunday schools and mission work, and he is at this time superintendent of the First Baptist church Sunday school of this city.
Mr. Myers is now forty-nine years old, with a vigorous physical const.i.tution and strong mind, that give promise of very many years of usefulness still to come.
M. C. Younglove
From 1837 to 1842, when specie payments were resumed, Cleveland saw her greatest financial embarra.s.sments; but from the latter year, a new and more promising era dawned upon her. The land speculator gave place to the business man, and for many years immediately following, her progress, though slow, was sure and steady. During these years of depression many young and enterprising men settled here, who were, of course, untrammeled by old speculating debts, and their business habits were untainted by the loose recklessness of the land speculator. Many of these young men are now to be found among our most substantial, successful and enterprising citizens, and the gentleman whose name stands at the head of this article is one of that number.
Mr. Younglove was born in Cambridge, Washington county, New York. His immediate ancestors on both sides having been officers in the Revolutionary army, gives him a good t.i.tle to native citizenship. His father died before his birth, leaving him sufficient property for all educational purposes, but none to commence business with. He first essayed a professional life, and with that view began the study of law, but soon discovered that a sedentary occupation was uncongenial to him, and abandoned the profession.
His first business connection, which was formed before his majority, was with an uncle in his native county. But finding the country village of his nativity too slow for a sanguine and active temperament, he determined to try his fortune in the then comparatively unknown West, and in August, 1836, came to Cleveland. After a clerkship of eight months in a dry goods store, he bought an interest in a book store, and in a few months thereafter bought out his partner and added job and news printing, and book publishing, to his other business. At this time he introduced the first power press into Cleveland--and it is believed the second that was run west of the Alleghenies--on which he printed for a long time the daily papers of the city.
In 1848, in connection with Mr. John Hoyt, he built the Cleveland Paper Mill; the first having steam power west of the mountains, and the first of any importance in the United States. This innovation on the old mode of obtaining power for such machinery, called out many prophecies of failure.
But these gentlemen not only made their business a success, but demonstrated to Cleveland, that she had, in her proximity to the coal fields, and in the steam engine, facilities for manufacturing unsurpa.s.sed by the best water power in the country--a hint which she has not been slow to improve upon.
Messrs. Younglove & Hoyt finally united their business with that of the Lake Erie Paper Company, under the name of the Cleveland Paper Company, of which latter company Mr. Younglove was elected president, and continued in the chief management of its business until the Spring of 1867, when he sold his entire interest, leaving the company with a capital of three hundred thousand dollars, and one of the most prosperous paper manufacturing companies in the country.
Mr. Younglove was one of the first of our citizens to perceive the importance and necessity of a gas company for Cleveland. Learning that a charter had been obtained by some of our wealthy men, and was laying dormant in their hands, he, with some a.s.sociates, bought it up and proceeded to the erection of the works--himself being one of the directors. Few, however, know the struggles and discouragements which these directors encountered in their efforts to furnish the citizens of Cleveland with one of the greatest conveniences and luxuries of civilized life. The stock could not be sold here. Aside from that taken by Mr. Younglove, only five hundred dollars were subscribed by the citizens, and distributed as follows: James Kellogg, four hundred dollars, and J. W. Allen, one hundred dollars; and this was subsequently all taken off the hands of the subscribers by Mr. Younglove before it was paid up. But the directors, well persuaded of the value and importance of the work they had in hand, were in no way discouraged, but pushed on the work till all present funds were exhausted and not a dollar was left in the treasury to meet the demands of the next Sat.u.r.day"s pay roll. At this juncture, the Board had a consultation, which may be fitly termed an "anxious meeting." The question arose, "What is to be done?" and in answer, each member determined to take such an amount of stock as he could either pay for or sell. Mr. Younglove took five thousand dollars, and determined to make another attempt to sell to the wealthy men of the city, but after four days of industrious effort he had not one dollar of subscription to reward his labor. Mr.
P. M. Weddell was the only one who gave any encouragement--"He might take a few hundred dollars at seventy-five per cent."
After this failure, Mr. Younglove mortgaged his lot on Euclid avenue, where he now lives, and paid up his subscription, thus fulfilling his promise to his a.s.sociates, and placing himself on record as the _only_ citizen who would help to supply the city with gas.
In 1850, Mr. Younglove, a.s.sociated with Mr. Dudley Baldwin, bought of Howell & Dewitt their machinery for manufacturing agricultural implements.
This establishment was immediately enlarged to do an extensive business.
Mr. Baldwin subsequently sold his interest to his partner, who still retains his interest in the business, it being at present one of the largest and most reputable manufactories in the city.
The writer of this has authority for saying, that Mr. Younglove looks upon his connection with the Society for Savings in this city, from its organization, as one of the most honorable and reputable of his business life. It is an a.s.sociation purely benevolent in its objects and action, managed by men who have no hope or desire of pecuniary benefit, with matured judgment and an abnegation of self that may well secure for it the utmost confidence--as it most happily has--of the laboring poor and the helpless, for whose benefit it is maintained.
Mr. Younglove is one of the most enterprising and intelligent business men. Having a natural talent for mechanics, he has done much to inaugurate and encourage the manufactures of our city.
John D. Rockefeller.
Although yet quite a young man, John D. Rockefeller occupies in our business circles a position second to but few. He began life with few advantages, save that of honesty of purpose and unflinching morality, and a determination to succeed, if unremitting effort would secure that end.
He, in connection with M. B. Clark, commenced the produce and commission business on the dock, with a small capital saved from earnings. For a time their profits were exceedingly small, but the firm soon gained the confidence of our citizens and bankers, and at the end of the first year they had done business to the amount of $450,000. Each successive year added to their business, and in the fourth, it amounted to something like $1,200,000, the average being, perhaps, about $700,000.
In the Spring of 1863, Mr. Rockefeller engaged in the oil refining business, commencing with a capacity of forty-five barrels of crude oil per day, and gradually increased it until 1865, when the capacity of his works was a hundred and fifty barrels per day. At this time he sold his interest in the commission business, and devoted his whole attention to the oil refining. Every year witnessed an enlargement of his works, and for the last three years it is believed that his has been the largest of its kind in the world, the present capacity being twenty-five hundred barrels of crude oil per day. The growth of the business, dating back to 1865, was such that it became necessary to establish a house in New York for the disposition of their oil, where they now have warehouses of their own, and sell and take care of their property.
The effect of such works as those of Mr. Rockefeller in the city may be imagined when we say that there are about one hundred men regularly employed in them, besides a force of some fifteen or twenty teams and teamsters. To these must be added from seven hundred to eight hundred men around the city employed in making barrels for the oil, and from $20,000 to $25,000 per year expended among plumbers and various other mechanics for repairs. The enlargements of their works this year will cost near $40,000.
Mr. Rockefeller never retrogrades; he has always advanced from the commencement. Close application to one kind of business, an avoidance of all positions of an honorary character that cost time, and strict business habits, have resulted in the success, the fruits of which he now enjoys.
He has worked himself, and kept everything pertaining to his business in so methodical a manner that he knows every night how he stands with the world. He was drilled to strict economy as an accountant during hard times, before his own business history, and he has rigidly adhered to the principles then learnt.
He has frequently been so situated as to choose between his own judgment and that of older heads, and where he has followed his own opinions in opposition to others of more experience he has seen no reason to regret his choice. The result of his course has been, that, though still young, he stands at the head of one of the most extensive business establishments in the city, and is possessed of wealth sufficient to secure a comfortable maintainance, and a provision against the ordinary mishaps of business.
Mr. Rockefeller is a valued member of the Second Baptist church having long been a sincere believer in the faith and practice of the Baptist church.
[Ill.u.s.tration: Fraternally Yours, Peter Thatcher]
Peter Thatcher.
Peter Thatcher derives his descent in a direct line from the Reverend Thomas Thatcher, the first minister of the Old South Church, in Boston, who at the age of twelve years left England with his uncle Anthony, and arrived in New England in 1635.
Peter Thatcher was born in Attleboro, Ma.s.sachusetts, July 20, 1812. At the age of nineteen, not liking his father"s business of farming, he announced his intention of seeking other means of livelihood, and, sorely against his father"s wish, he set out in search of fortune. Two days after leaving his father"s roof, he found employment with a house-carpenter, in Taunton, Ma.s.sachusetts, to whom he engaged himself to work one year for forty dollars and board. After two years service in this employ he, in November, 1834, commenced work on the Boston and Providence Railroad, laying track, in the employ of Messrs. Otis & Co. His industry and ability attracted the attention of his employers, and he was retained and promoted by them, remaining in the employ of the firm and their successors, railroad building, until 1850, with the exception of three years spent on Fort Warren and Fort Independence, in Boston Harbor, where he superintended the work of construction under the supervision of Colonel Sylva.n.u.s Thayer.
During his career as a railroad builder he was engaged on the princ.i.p.al railroads on the sea-coast from Maine to Georgia.
In 1850, the firm of Thatcher, Stone & Co. was formed, for the purpose of building bridges, both in the eastern and western States, an office being opened in Springfield for the former, and another in Cleveland for the latter. In 1851, this firm was dissolved and that of Thatcher, Burt & Co.
formed. The patent for building the Howe Truss Bridge in the States of Ohio, Indiana, Kentucky and Michigan was purchased, and nearly all the original railroad bridges in Ohio, with the depots and engine houses, together with many in other States, were built by this firm.
After having for thirteen years carried on the bridge building business, and added to it a trade in lumber, the firm built the Union Elevator, in Cleveland, and the new firm of Thatcher, Gardner, Burt & Co., commission merchants and produce dealers, was formed. This firm was dissolved in 1865, by the withdrawal of Mr. Thatcher.
About this time a company was formed for the purchase of a patent obtained for the manufacture of a durable paint and fire-proof mastic from prepared iron ore. Mr. Thatcher was chosen president of the company which at once entered on a vigorous prosecution of its business and has succeeded beyond the antic.i.p.ation of its projectors. The paint is made of Lake Superior iron ore, ground fine and mixed with linseed oil, with which it forms a perfect union. It is then used in a thin state as a paint for surfaces, whether of wood stone or metal, exposed to the weather, and in a thicker state for a fire-proof mastic. The ore is crushed with machinery of great strength, and about three tons of the paint are produced daily, besides the mastic, and find ready market.
In connection with the above Mr. Thatcher has recently purchased a patent, obtained by Mr. Ward, for the manufacture of "Metallic Shingle Roofing,"
which is now being perfected and introduced to the public, and which, its inventor claims, will supercede all methods of roofing now in use for cheapness, durability, weight and effectiveness.
Mr. Thatcher has long been identified with the Masonic order, and has filled high positions in that body. He is Past M. of Iris Lodge of Cleveland, Past H. P. of Webb Chapter, has been Treasurer of Iris Lodge for ten years, Past D. G. H. P. of the Grand Chapter of Ohio, and is now Grand Treasurer of the Grand Commandery of Knights Templar of Ohio, which position he has held six years.
Mr. Thatcher is a genial, whole-souled man, having a host of warm friends, and has enjoyed the respect and confidence of all with whom he has been connected.