Hecla Mercantile & Banking Company
Founded 1886
In 1886 the Hecla Mercantile and Banking Company, a separate subsidiary of the Hecla Consolidated Mining Company, was organized with capital stock of $100,000. The company was a consolidation of Gaffney and Purdam of Melrose; Armstrong-and Losee, and Noah Armstrong and Company of Glendale, and Wilson, Rote and Company of Hecla. These represented three mercantile firms and one bank. The General Manager of the Hecla Mining Company, Henry Knippenberg, served as this new company's president.
Hecla Mercantile & Banking Company
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A consolidation of four companies headed by Henry Knippenberg, President and General Manager, owned the Melrose location and two more stores, one in Hecla and one in Glendale. A huge warehouse sat across from the Melrose location between the road and the railroad tracks, and supplied all three of the stores. In 1893, silver prices slumped when the Sherman Silver Purchase Act was repealed, leading to the decline of the Hecla mine and the town of Glendale. The stores in Hecla and Glendale eventually closed and were torn down, but the Melrose location lived in as the Melrose Mercantile Company.
Lloyd Wilhelm remembers visits to the Mercantile at the age of eight. Before Melrose residents had electricity, he said they would gather at the dance hall once a week to watch a movie. The movies were typically a series in which the story would continue the following week. Rather than the endless movie previews we see in today's theaters, attendees were treated to some news before the movie. There were benches to sit on, but, as Wilhelm chuckled, "most of us kids lay on the floor." Wilhelm recalls the big red roll of paper, which the grocer would use to wrap purchases and then tie them up with string. In those times, you didn't have to worry about choosing "paper" or "plastic" to bag your groceries. He also remembers the big cookie jar on the counter, always filled with fresh-baked cookies for purchase in bulk quantities. James "Jim Eighorn" also penned his memories of visiting the store in his youth to listen to the old timers tell stories, many of them being embellished upon.
1886 APR 24
A.R. Gates, of Helena, and Henry W. Kappes have bought out Armstrong & Losee and N. Armstrong & Co.
The Hecla Mercantile and Banking Co. has been organized for the purpose of buying out Gates & Kappes, (formerly Armstrong & Losee and N. Armstrong & Co.,) also Henry W. Kappes at Hecla and Gaffney & Purdum at Melrose. The Hecla Mercantile and Banking Co. has paid up capital of $100,000, and the officers are h. Knippenberg, president; A.R. Gates, vice president; George B. Conway, secretary and treasurer. The directors are H. Knippenberg, A.R. Gates, Henry W. Kappes, Wm B. Gaffney and Thos. Sappington.
The following order, issued at Glendale, is self-explanatory:
“To HECLA EMPLOYEES: The employees of the Hecla Consolidated Mining Co. are hereby notified that every man always had, has now, and will continue to have full and perfect freedom to buy all his own and family supplies wherever and whenever he may select. The Hecla Consolidated Mining Co. has no store, or any interest in any store, but pays all employees monthly in cash. The stories now being circulated to the contrary by unprincipled men not in our employ are false, and the authors of these stories know them to be false.
H. KNIPPENBERG, Gen Manager”
1886 JUN 19
The extensive improvements that are being made by the Hecla Mercantile and Banking Co. are fast approaching completion, and when done Glendale can boast of one of the finest store rooms in Montana. The Hecla Mercantile and Banking Co. has reduced prices very much, and so all the people feel happy over the change, for example: Hams 12 cts., sugar 8 ½ cts., eggs 20 cts., coal oil $3.50 per case. The house is full of work and clerks are kept going.
1886 JUN 26
The Hecla Mercantile and Banking Co. contemplate having a “grand opening” upon the completion of their new and magnificent store room. Invitations will be sent to all in Beaverhead County, and the rich and the poor will be asked to meet upon a platform of low prices for goods, which none but the H.M. and B. Co. can offer.
1886 JUL 31
H.M.B CO. DIRECTORS
The Hecla Mercantile & Banking Co., of Glendale, held its first stockholders’ meeting at the banking house in Glendale, for the purpose of electing directors, etc.
The following Board of Directors was unanimously elected: - H. Knippenberg, Henry W. Kappes, H.T. Sappington, Glendale: Wm. B. Gaffney, Melrose and Wm H. Talbott, Indianapolis, Ind.
After the stockholders’ meeting, the new board met and elected: - Pres., H. Knippenberg: V. Pres., Wm. B. Gaffney: Sec. and Treas., Geo. B. Conway; Resident Manager, Henry W. Kappes.
The condition of the company is in good shape. All its purchases are made for cash and no invoice is allowed to remain unpaid over 24 hours after the receipt of bill by mail, consequently its discount account shows up a handsome profit alone, and also enables the company to sell goods lower than they have ever been sold in Trapper Gulch.
1887 Jan 6th
Gaffney & Purdum, of Melrose, have disposed of their interest in the Hecla Mercantile & Banking Co.
1887 NOV 11
The Hecla Mercantile Co. has moved its dry goods department into the commodious brick lately vacated by Kaufman. In the new quarters the company will have ample room to display its stock and meet the run of customers.