Step Back in Time: Lumber baron Henry Stephens II of Waters
In this installment of Step Back in Time, Dorothy Jensen writes about lumber baron Henry Stephens II in 1910, the year he died. It was included in the Otsego County Historical Society book "A Step Back in Time," Vol. 3, in 2003.
The Stephens Lumber Company, which had mills, logging operations and 18 miles of railroad tracks in Otsego County, was the major employer for workers in early Waters, which was originally named Bradford Lake when it was settled in 1876. Henry Stephens' father, Henry, had purchased his vast lumber holdings in the Waters area from another area lumber baron, David Ward, who harvested timber primarily in Crawford County.
Henry Stephens II had been active in large business interests since he was 17 and was one of the most prominent financial men in Michigan. He was the son of Henry Stephens, who came to Mt. Clemens around 1840 and managed by frugality to lay the foundation of a large mercantile business in Romeo. From this, the father branched into the timber business and had a large share in the development of the lumber industry in the state. He died in 1886.
Stephens, the son, was born in Romeo 54 years ago. His father, soon after his son's birth, moved to Almont, where he had a timber and mercantile interest and the young Stephens grew up familiar with the operations which were making fortunes for many in Michigan at that time.
His father's business was phenomenally prosperous, the operations being in the Black River and Fish Lake regions. In 1882, the elder Stephens moved to St. Helen and formed the corporation of Henry Stephens and Company, with a capital stock of $500,000, of which he gave two-fifths to his sons, Henry and Albert. The remaining money was given to the older employees on such terms that they were soon able to pay for it. Henry II retained his interest in the business up to the time of his death.
The plant was a model business plan and was one of the greatest of its kind in the state. After his father's death, the younger Stephens became the active head of the various concerns. In addition to his Michigan timber holdings, he acquired large mining interests in Michigan and Minnesota, as well as timber land in California and in the south. He also owned a ranch in California, which he often visited.
About 20 years ago he moved to Detroit, where he became one of the organizers and a principal stockholder of the Scotten-Dillon Company. He was president of the Henry Stephen and Company, a director of the Old Detroit National Bank as well as other financial institutions. He was also a vice-president of the Detroit Journal Company.
This article originally appeared on The Petoskey News-Review: Step Back in Time: Lumber baron Henry Stephens II of Waters
