Benjamin Franklin Allen
Benjamin Franklin Allen | |
|---|---|
 Allen in 1908 | |
| Member of the Iowa Senate from the 29th district | |
| In office 1870–1874 | |
| Personal details | |
| Born | April 27, 1829 |
| Died | April 14, 1914 (aged 84) |
| Party | Republican |
| Spouse | Arathusa West |
| Children | 6 |
| Occupation | Politician, businessman |
Benjamin Franklin Allen[a] (April 27, 1829 – April 14, 1914) was a member of Iowa's 29th Senate district, and Iowa's first millionaire. Allen owned multiple companies in Des Moines, then expanded to railroad companies and banks outside of Iowa. Most of his fortune was lost after investing the majority of his wealth into Cook County National Bank in Chicago, which later crashed, causing him to move to California and grow fruit.
Early life
Allen was born in Salem, Indiana. Allen became an orphan at four years old, living with his grandfather in Ohio until he turned 17 when he enlisted in military service.[1] Allen was a teamster in Mexico during the Mexican–American War.[2] He travelled to Iowa in 1848 at 19 years old so he could collect an inheritance from his uncle, Captain James Allen, who was responsible for establishing Fort Des Moines, an army outpost, in 1843.[1]
Career
When Allen arrived in Iowa, he started making money as a merchant.[3] In 1848, he opened a general store, and two years later in 1850 he started a sawmill.[4] In 1855, Allen started banking in Des Moines, opening a bank and a real estate office.[3][5] In 1857, the State Bank of Iowa opened with eight branches. Allen was a director for the Des Moines branch. During the Panic of 1857, Allen was able to rescue firms in Des Moines by making loans from his bank notes of Nebraska notes.[2] In 1865, the branches were merged into the National State Bank.[6]
Allen was elected to the Des Moines City Council in 1860. Allen would served as a senator in the Iowa state legislature. Allen represented Polk County during the thirteenth and fourteenth general assemblies.[1] During the thirteenth general assembly, he was chairman for the Suppression of Intemperance. During the fourteenth general assembly, he was chairman for banks, and part of committees for Claims, Public Buildings, Railroads, and Ways and Means.[3] Allen also helped securing legislation for the new capital building.[1]
In 1865, Allen directed and was a stockholder in the Rock Island Railroad, where he helped it reach Des Moines in 1867.[4] Allen was able to buy property along a proposed railroad route west to the Missouri River, where he then established a land company to plot and sell town sites.[1] Allen also organized a natural gas and a coal company after the Civil War ended. He started the first gas company in Des Moines at Second and Elm streets. Allen tried using coal and superheated steam to make hydro-carbon gas. Due to the retorts cracking under the extreme heat, the company switched back to conventional methods. He also organized a coal company with Wesley Redhead called the Des Moines Coal Company, with the shallow deposits being quickly exhausted.[7] The same year he also started an insurance company with E. J. Ingersoll called Hawkeye Insurance Company.[8] In 1871, Allen organized the Des Moines Water Company.[9] At his height, Allen's fortune was estimated to be between $4–$12 million.[1]
In 1873, Allen and his family moved to Chicago after buying Cook County National Bank. Allen soon faced heavy debt and sought bank funds to avoid prison.[2] Allen put most of his fortune into funding the bank, but in 1876[b], the bank crashed.[10] In the span of eight years he was tried twice for fraud and neither jury convicted him.[1] Allen sold the rest of his fortunes and moved to Leadville, Colorado to try starting up a store, but failed.[2] Allen then moved to California to grow fruit.[10] He later worked as a forestry supervisor for the California government.[4]
Personal life and death
In 1854, Allen married Arathusa West and had six children. Half of his children outlived Allen, his daughter, and two sons named Frank and Harry. In 1866, Allen started construction of Terrace Hill. The house was constructed between 1866 and 1869, and cost $250,000 for its building and grounds. In 1869, Allen hosted a housewarming party, inviting 700 guests. Allen spent $6,000 for the party, and another $2,000 on food and flowers[c]. After the Cook County National Bank collapsed, Allen was able to keep Terrace Hill until 1884, when the property was purchased by Frederick M. Hubbell for $60,000.[1] Allen died on April 14, 1914, in Hollywood, California.[3]
Notes
- ^ Also written as Benjamin F. Allen, B. F. Allen, or Frank
- ^ State of Iowa says January 1875
- ^ $8,000 in 1869 is approximately $194000 today.
References
- ^ a b c d e f g h State of Iowa.
- ^ a b c d Wiggins.
- ^ a b c d Parker, Henigbaum, Quigley.
- ^ a b c The Annals of Iowa, 1920.
- ^ Andrews (1908), p. 56.
- ^ Andrews (1908), p. 57-58.
- ^ Andrews (1908), p. 58, 59.
- ^ Andrews (1908), p. 59.
- ^ Andrews (1908), p. 64.
- ^ a b Andrews (1908), p. 65.
Sources
- Andrews, Lorenzo F. (1908). Pioneers of Polk County, Iowa: And Reminiscences of Early Days. Vol. 1. Baker-Trisler Company.
- "Benjamin Franklin Allen". The Annals of Iowa. 12 (6): 473. 1920. doi:10.17077/0003-4827.4150.
- "Benjamin Franklin Allen (1829-1914)". State of Iowa. Retrieved 2026-07-12.
- Parker, Addison M.; Henigbaum, Fred G.; Quigley, Robert. "Senator Benjamin Franklin Allen". The Iowa Legislature. Archived from the original on 2022-11-08. Retrieved 2026-07-12.
- Wiggins, David. "Allen, Benjamin Franklin "Frank"". The Biographical Dictionary of Iowa. University of Iowa.
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