John I. Beggs

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John Irvin Beggs (September 17, 1847-1925) was an American financier associated closely with Milwaukee, the electric utility boom under Thomas Edison, and regional rail and light rail (trolley) systems. Beggs is also known for developing modern depreciation techniques for business accounting.

[edit] Biography

Beggs was born in Philadelphia. He became an orphan at the age of seven and he began his working career as an apprentice in a brick yard, eventually putting himself through the Bryant and Stratton business college. Beggs was hired as an instructor in accounting, but in 1869 he moved to Harrisburg, Pennsylvania, to accept an accounting position in a commercial firm.

In subsequent years Beggs built up a large real estate and insurance business. In 1883 he built an electric plant in order to secure electric lights for his church. As a result, he became acquainted with Thomas Edison, and three years later Beggs relocated to New York City as vice-president and general manager of the Edison General Electric Illuminating Company. At the urging of J. P. Morgan, he managed the build out and initial operation of the Pearl Street Station -- providing electricity for the first time to Wall Street's stockbrokers. In 1890 he moved to Chicago as the company’s general western manager.

In 1897, he became president of The Milwaukee Electric Railway and Light Company, the city's primary electric utility. In 1911 he resigned to take charge of the St. Louis Car Company which was in difficult financial straits. Beggs succeeded in putting the company back on a sound financial footing and he retained a controlling interest in the firm until his death. In 1920 Beggs was recalled to Milwaukee to resume control of the electric company.

In addition to the electric company, Beggs was director of over fifty companies: he was one of the principal stockholders of the North American Company; president and general manager of the Wisconsin Traction, Light, Heat and Power Company; director of the First Wisconsin National Bank; and director of the Wisconsin Securities Company. In addition during his last decade he directed the construction of the second largest paper mill in the country; engineered the reorganization of the J. I. Case Plow Company, arranged to finance a hotel in Atlantic City, and conducted a large Florida real estate transaction. Beggs died October 17, 1925 and was buried in Harrisburg.

He was survived by a daughter Mary Grace (Mrs. Richard) McCulloch. His grandson Robert P. McCulloch was responsible for bringing London Bridge to Lake Havasu City, and married into the Briggs family of Briggs & Stratton.