Gilman Land Company records (Ms. 2007.032)

Historical note

The Gilman Land Company was incorporated on July 26, 1907, under Chapter 176 of the General Laws of the State of Rhode Island by Robert H. I. Goddard (1837-1916), his son, R. H. Ives Goddard (1880-1959) and Brown family trustees, George W. R. Matteson (1833-1908) and his son, Frank W. Matteson (1869-1933). The principal corporate objectives and purposes set forth in its charter were to purchase, acquire, take, hold, manage, improve, lease, mortgage and sell real estate. Upon its incorporation the company's total authorized capital stock was $67,200 (672 shares at $100) with original stockholders and the apportionment of stocks at the time of incorporation as follows: William Goddard (64), u/w Charlotte R. Goddard for Moses B. I. Goddard (48), Robert H. I. Goddard (64), Elizabeth A. Shepard (64), u/w Moses B. I. Goddard (16), u/w Henry L. Goddard (24), Horace Binney (28), Hope Ives Powel (14), George F. Tyler (7), Hope Binney Tyler Montgomery (7) and Brown Land Company (336). The Mattesons controlled the 336 shares of Brown Land Company holdings and Brown & Ives represented the interests of the remaining ten stockholders.

President Robert H. I. Goddard was elected at the first stockholder's meeting on July 30, 1907, and he guided the first and only real estate purchase of the newly formed company - the Gilman Block located in Sioux City, Iowa. Previous to Gilman Land Company's purchase of this commercial site, this property was jointly owned by Brown Land Company and numerous heirs of Charlotte R. Goddard: u/w Charlotte R. Goddard for Moses B. I. Goddard, u/w Moses B. I. Goddard, Rhode Island Hospital Trust, Estate of Henry L. Goddard, Horace Binney, Hope Ives Powel, George F. Tyler and Hope Binney Tyler Montgomery. By taking this property out of the hands of individual ownership and creating an incorporated holding company, financial liability passed to Gilman Land Company.

Once ownership of the property was consolidated into the hands of one corporate body, officers promptly filed a copy of the Articles of Association with the State of Iowa. This step conformed to Chapter I of Title IX of the Iowa Code of 1897 and entitled the company to receive a permit to transact business in the state of Iowa for twenty years. Filing and recording fees conformed to Section 1637 of the above code, and Daniel T. Gilman and W. Stewart Gilman of Sioux City were recognized as agents for the company.

The Gilman Block, 514-520 Fourth Street, was situated on the west two-thirds of lots eleven and twelve in Block 22 of the Sioux City East Addition. It consisted of a four-story brick commercial building built in 1905 and leased to the Dow Clothing Company and the Orkin Brothers. The Orkin Brothers ran a retail clothing store, and once Dow Clothing Company vacated the premises in 1910, the Orkins wanted to expand their own store into Dow's former retail establishment. The Orkins began to request alterations more in keeping with contemporary architectural and commercial tastes and were especially most insistent about the installation of a new elevator. Stockholders of Gilman Land Company considered Orkin Brothers an unworthy credit risk and declined to pay for a new elevator.

In 1914, the Orkins agreed to a long-term lease if the Gilman Land Company would lower the basement floor, excavate under the sidewalk and install metal ceilings on the upper floors. These improvements were authorized and paid for by Gilman Land Company. With their own money, the Orkins continued with modernization by adding a new front to the building and installing the new elevator they had been seeking. Gilman Land Company stockholders voted to reimburse partially Orkin Brothers for these additional capital improvements. Unfortunately, two fires during 1919 destroyed all these efforts, and further interior and exterior work was required. The Orkin Brothers customers did not respond in enough numbers to support adequately the store, and the Brothers went out of business in 1922. Graber Dry Goods moved into the Gilman Block.

Over the years, stock ownership changed as other family members inherited property. In 1908, William Goddard's daughter Hope Goddard Iselin (1868-1970) received his 64 shares; she had Rhode Island Hospital Trust Bank represent her interests. The 336 shares of Gilman Land Company originally owned by Brown Land Company were divided between the Trustees of Sophia Augusta Sherman (168) and Natalie Bayard Brown, Guardian of John Nicholas Brown II (168) in 1914. When Mr. Brown turned 21 in 1921, he gained control of his legacy, transferred his 168 shares into his own name and was elected director of the company at the annual meeting held in 1922.

The economic upturn in the mid-1920s convinced Gilman Land Company of the continued profitability of this commercial site. When the company's twenty-year permit for doing business in the State of Iowa expired in 1927, stockholders voted to renew it and they continued to retain W. Stewart Gilman as agent. When the Graber Dry Goods lease expired in 1928, Montgomery Ward & Company expressed interest in the space with the offer of committing to a thirty-year lease upon the completion of numerous alterations and improvements. Because of the desirability of this client, stockholders voted to invest in this project, provided Montgomery Ward repaid the full amount of the renovations with interest during the following ten years. A small street-level space in the building not required by Montgomery Ward was rented to Ben Rosenblum, who operated a jewelry store.

The Depression years proved difficult for retail stores in Sioux City. Both Ben Rosenblum and Montgomery Ward requested lowered rents because of declining sales within a few years of their occupancy of the Gilman Block. New terms could not be agreed upon by Gilman Land Company and Montgomery Ward, and the retail chain left the site in 1935. Ben Rosenblum and Gilman Land Company renegotiated a new lease successfully, and Mr. Rosenblum continued doing business on Fourth Street. The remainder of the building was broken up into smaller spaces and rented to retailers M. H. Bergen, Johnson & Sewell, and L. Weinberg. In 1940, leases were renewed once again and the exterior of the space rented by Johnson & Sewell Company was remodeled. Unable to maintain an acceptable return on their money, stockholders contemplated selling the property throughout the late 1930s, and in October 1941, the Gilman Block was sold to the Gilman Investment Company for $110,000.

Throughout the life of Gilman Land Company, many members of the Brown and Goddard families participated in administrative decisions along with trustees George W. R. Matteson and his son, Frank. Robert H. I. Goddard, incorporator, was elected president in 1907 and held this office until his death in 1916. At that time, his son, R. H. Ives Goddard, also an incorporator, assumed the presidency and retained the position until the dissolution of the company in 1941. Frank W. Matteson, incorporator, was elected treasurer at the first stockholder's meeting in 1907 and continued in that capacity until his death in 1933 when he was replaced by his son, Kent (1906-). John Nicholas Brown (1900-1979) began his association with the company as a stockholder in 1914. At the 1922 annual meeting, Mr. Brown was elected director; he remained both director and stockholder until the dissolution of the company.

With the sale of its sole asset in October 1941, the company made plans for dissolution, which was accomplished by December 1941. At that time, the final distribution of assets and property owned by Brown and Goddard family interests since 1888 took place.