Old West Side in Ann Arbor in Washtenaw County, Michigan — The American Midwest (Great Lakes)
Business and Banking
Photographed By J.T. Lambrou, September 10, 2021
1. Business and Banking Marker
Inscription.
Business and Banking. . Four years after Ann Arbor's First National Bank was established in 1863 under strong new federal banking laws, dry goods merchant Philip Bach and foundry owner Volney Chapin joined other local investors to build a brick business block to house their bank. Next door was the Phoenix Insurance Company, one of the nineteen local companies thriving on business stimulated by the constant threat of fire. Demonstrating the new strength of the local business climate, fueled by the economic boom of the Civil War, the Ann Arbor Business College and Telegraph Institute opened above Bach's dry goods shop on the corner., The college advertised courses in "Bookkeeping, Railroading, Steamboating, Banking, Jobbing and Importing, Commercial Law, Business Penmanship, and Telegraphing." Fees for "ladies" were $5 less than those for "young men." Judge Thomas Cooley, professor of law at the University conducted the law department and brought to this lectures "the fresh and forcible illustration of actual experience.", Other banks soon followed First National on Main Street: Ann Arbor Saving in 1869, Farmers and Mechanics in 1883, State Savings in 1892, and German-American Savings in 1906., In 1886, in order to reduce dependence on University prosperity, promote existing business interests and attract other ventures, the Business Men's Association - the forerunner of today's Chamber of Commerce - was formed.
Four years after Ann Arbor's First National Bank was established in 1863 under strong new federal banking laws, dry goods merchant Philip Bach and foundry owner Volney Chapin joined other local investors to build a brick business block to house their bank. Next door was the Phoenix Insurance Company, one of the nineteen local companies thriving on business stimulated by the constant threat of fire. Demonstrating the new strength of the local business climate, fueled by the economic boom of the Civil War, the Ann Arbor Business College and Telegraph Institute opened above Bach's dry goods shop on the corner.
The college advertised courses in "Bookkeeping, Railroading, Steamboating, Banking, Jobbing and Importing, Commercial Law, Business Penmanship, and Telegraphing." Fees for "ladies" were $5 less than those for "young men." Judge Thomas Cooley, professor of law at the University conducted the law department and brought to this lectures "the fresh and forcible illustration of actual experience."
Other banks soon followed First National on Main Street: Ann Arbor Saving in 1869, Farmers and Mechanics in 1883, State Savings in 1892, and German-American Savings in 1906.
In 1886, in order to reduce dependence on University prosperity, promote existing business interests and attract other ventures, the Business
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Men's Association - the forerunner of today's Chamber of Commerce - was formed.
Erected by Ann Arbor Historical Foundation.
Topics. This historical marker is listed in this topic list: Industry & Commerce. A significant historical year for this entry is 1863.
Location. 42° 16.823′ N, 83° 44.908′ W. Marker is in Ann Arbor, Michigan, in Washtenaw County. It is in the Old West Side. Marker is at the intersection of South Main Street and East Washington Street, on the right when traveling north on South Main Street. Touch for map. Marker is at or near this postal address: 201 S Main St, Ann Arbor MI 48104, United States of America. Touch for directions.
In 1926, Kresge, a chain selling mass produced goods, replaced Hangsterfer's with a dollar store in a Spanish-style building. Next door Kresge's 5 and 10 cent store, built ten years earlier, sold less expensive items.
Photographed By J.T. Lambrou, September 10, 2021
4. Business and Banking Marker
Inset photo (lower left above main text)caption: First National's final home opened in the city's then tallest structure, the 1929 terra cotta building behind you. The bank failed to reopen after the 1933 bank holiday. The building was restored in 1985. Photo 1950.
Credits. This page was last revised on November 24, 2023. It was originally submitted on September 13, 2021, by J.T. Lambrou of New Boston, Michigan. This page has been viewed 125 times since then and 13 times this year. Last updated on November 14, 2023, by Craig Doda of Napoleon, Ohio. Photos:1. submitted on September 13, 2021, by J.T. Lambrou of New Boston, Michigan. 2. submitted on November 14, 2023, by Craig Doda of Napoleon, Ohio. 3, 4. submitted on September 13, 2021, by J.T. Lambrou of New Boston, Michigan. • J. Makali Bruton was the editor who published this page.