Info provided by Louise Morgan:
Also noteworthy about the Colonel is that he was one of the founders, (along with Dexter Ferry of Ferry Seed Company and others) of the Union Trust Company, the second trust company allowed to organize under the Trust Act of 1890. They were among the first tenants of the new Guardian Building when it was built.
The Union Trust was one of the first major banks to offer the average worker the opportunity to purchase a home. The bank attracted scores of customers by offering either conventional mortgages or newly developed land contracts.
This new phenomenon explains why Detroit, unlike many other large cities, became a community of single family homes rather than apartment buildings and why Detroit remains a leader in home ownership.
So, Col. Hecker was a real mover and shaker in 19th Century Detroit. And his influence lasts to this day.
Info provided by Louise Morgan:
Also noteworthy about the Colonel is that he was one of the founders, (along with Dexter Ferry of Ferry Seed Company and others) of the Union Trust Company, the second trust company allowed to organize under the Trust Act of 1890. They were among the first tenants of the new Guardian Building when it was built.
The Union Trust was one of the first major banks to offer the average worker the opportunity to purchase a home. The bank attracted scores of customers by offering either conventional mortgages or newly developed land contracts.
This new phenomenon explains why Detroit, unlike many other large cities, became a community of single family homes rather than apartment buildings and why Detroit remains a leader in home ownership.
So, Col. Hecker was a real mover and shaker in 19th Century Detroit. And his influence lasts to this day.
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