EDUCATORS ’ PERSPECTIVE
By Brian Grinder and Dan Cooper
Charles H . King was a savvy entrepreneur . A native of Pennsylvania , King moved to Nebraska in 1884 . He followed the Fremont , Elkhorn and Missouri Valley 1 railroad as it expanded from Fremont , Nebraska in the eastern part of the state westward into Wyoming and set up various businesses along the tracks in soon-to-be railroad communities . King co-founded a number of towns in this manner , including Douglas , Wyoming ; Casper , Wyoming ; and Chadron , Nebraska . It was in Chadron that King ’ s son , Leslie Lynch King , was born in 1886 . King ’ s string of stores , lumberyards , warehouses and banks soon made him a multimillionaire . He was one of the wealthiest people in Nebraska and Wyoming .
King moved from Wyoming to Omaha , Nebraska in 1905 , where he started the Omaha Wool and Storage Company in 1908 . Omaha , an important railroad hub , was an ideal location for a wool market because it allowed the sheep ranchers of the West to get their wool to market sooner and at a better price than could be obtained from far away East Coast wool markets . With a 40-million-pound capacity , the wool market ’ s warehouse promised to add significantly to King ’ s fortune . King purchased a 15-room mansion in Omaha and settled comfortably into the role of wool merchant .
The Personal Finances of Presidents , Part 6 : Gerald R . Ford
King ’ s son Leslie was given a stake in the new venture and became the general manager of the wool company . Leslie ’ s handsome annual income of $ 6,000 , combined with his good looks , made him a most eligible bachelor . When his sister , Marrietta , introduced him to Dorothy Gardner , a college classmate , Leslie was instantly stricken and the two were married in September 1912 in Dorothy ’ s hometown of Harvard , Illinois .
What Dorothy didn ’ t realize was that Leslie was a spoiled rich kid with a violent temper . He was also a horrible money manager who was deeply in debt . 2 Her short-lived marriage was filled with angry outbursts , jealous rage and physical abuse . Dorothy soon escaped to her parents ’ home for a time , but she returned to Omaha in the fall of 1912 . In December , she fled to her sister ’ s house in the Chicago area but returned to Omaha later that month . In the summer of 1913 , the couple moved into his parents ’ mansion on Woolworth Avenue because Leslie couldn ’ t afford to pay the rent on their apartment . Leslie Lynch King , Jr ., the future president of the United States , was born there on July 14 . Sixteen days later , after Leslie , Sr . threatened mother and child with a knife , Dorothy and the baby left Omaha for good .
A bitter Leslie , Sr . filed for divorce , claiming that his wife had abandoned him , but Dorothy fought back , convincing the court that she was the victim of an abusive marriage . She was awarded $ 3,107 in alimony , $ 300 for attorney fees , child support of $ 25 a month and sole custody of Leslie , Jr .
Leslie , Sr . fled back to Wyoming to avoid making the court ordered payments to Dorothy . 3 In his stead , Charles King made the $ 25 child support payment every month until his death in 1930 . Leslie , Sr . started over in Wyoming , where he remarried and began a second family . Through his King Investment Company , he purchased land around Riverton , Wyoming and engaged in ranching . 4 Although King prospered in Wyoming , he still refused to take responsibility for any of the court ordered payments , citing the needs of his growing family . 5
Meanwhile , Dorothy eventually moved to Grand Rapids , Michigan to care for her
Charles King , the grandfather of Leslie Lynch King , Jr ., drives the first stake for the Omaha Wool Market , May 1908 .
8 FINANCIAL HISTORY | Winter 2024 | www . MoAF . org