My Genealogy Hound

JACOB KRIEGER, Sr., is a native of Rhenish Bavaria, and was born August 23, 1826. While still a mere lad he became imbued with the revolutionary ideas then agitating Germany and France, and in the Revolution of 1848-49, took such a part as made his further residence at home uncomfortable, to say the least, being subjected to police surveillance and frequent annoying arrests. Consequently he came to America. After a few months spent in New York, he went to Zanesville, O., where he got employment at $6 a month. He was there but a short time when he came to Louisville, where he obtained a place at $9 a month; then went into a dry goods store at $15 a month, which was shortly raised to $25. A man who offered to put up the money induced Mr. Krieger to go into business on his own account. This gentleman, however, did not put up the capital, and the firm failed. The creditors insisted on Mr. Krieger taking entire charge of the business, though they knew he had no money. He compromised with his creditors, but finally paid $2 for every dollar he owed. He afterward took a clerkship in the dry goods house of Anderson, McLane & Co., and then with Leight & Barret, which place he left to keep books three years for Thomas & Anderson. The war was coming on and the business of this house began to grow slack. Mr. Krieger foresaw the result of the war, and resigned a position worth $1,100, to take one in the Merchants’ Bank at $25 a month. He remained here four years, making his way rapidly. At the end of that time the Western Bank was organized, and he was elected its first cashier. It was then called the Western Insurance Company. In 1868 Mr. Krieger reorganized the Masonic Savings Bank, of which he was elected president in 1871. He was mainly instrumental in effecting a coup which was one of the most successful pieces of financiering ever known in this city. The Louisville, Cincinnati & Lexington Railroad — the Cincinnati Shortline — failed in 1874, and the holders of second mortgage bonds, of whom Krieger was one, were left with little chance of being able to recover their money. He and others formed a pool of second mortgage bond holders, and on October 1, 1877, the managers of the pool bought the road, taking stock in payment for their bonds, and issuing common stock for all debts that came in. The bond holders elected directors and soon made Mr. Krieger vice-president of the new company; he was then elected president, and in less than a year effected a sale of the road to the Louisville & Nashville Railroad. Thus all who went into the pool got $1.22 6-10ths for their stock, and instead of losing money made some. Mr. Krieger is one of the self-made men of Louisville, and has worked up to his present position as one of the solid business men, from the bottom of the ladder. He is always ready to foster any business enterprise that adds to the growth and prosperity of his adopted city. He is the largest stockholder in the Masonic Savings Bank, owning one-eighth of the stock. He also owns one-seventh of the Gait House Company stock, and is president of the Shelby Railroad, and the Maysville Water Company. Mr. Krieger was married, in 1868, to Miss Caroline Egelhoff, of Louisville. They have ten children. He is a leading Mason, both in York and Scottish rites.