The Streets of Carlsbad - Bonbright Street

     Included in the second group of investors brought in by J. J. Hagerman was William P. Bonbright. This connection, like the connection with Joseph Stevens, was made through the Broadmoor Country Club in Colorado Springs. Although originally from Philadelphia, where he was the co-owner of a dry goods store (which eventually became Wanamaker’s and then Macy’s), during the 1890s, William Bonbright was a stockbroker, and a civic and financial leader in Colorado Springs. There he was involved in mining, securities, electric companies, and various other investment ventures. Mr. Bonbright and Mr. Hagerman had been successful partners in at least one mining venture.

Mr. Bonbright filed on a section of land through the Desert Land Act in 1890. In 1891, the Eddy school teacher, Edith Ohls also received a land grant which she then deeded to William Bonbright.  Also in 1891, Bonbright was listed as the vice-president of the First National Bank of Eddy. He owned 70 shares of the Pecos Valley Irrigation and Investment Company. William P. Bonbright never resided in Eddy/Carlsbad.  When the disagreement between Mr. Eddy and Mr. Hagerman resulted in Charles B. Eddy leaving the Pecos Valley, Mr. Bonbright also cut his losses and his connection with the town. In 1910, the only shareholders present at the ninth annual Pecos Irrigation Meeting were Francis G. Tracy, I. S. Osborne and C. H. McLenathen. Mr. Stevens, Mr. Bonbright, Mr. Tansill, and Mr. Shaw had given the proxy of their shares to Mr. Tracy.

In 1887, Mr. Bonbright moved to London opening a brokerage office where he was the chief correspondent. After five years, he returned to New York City and the main office of Bonbright and Company was located there. From then until the outbreak of WWI, the Bonbright Company was a recognized leader in the financing of electrical and allied public utility fields that were actively expanding during that era. Mr. Bonbright passed away between 1912 and 1914. Mrs. Alice Bonbright is listed in the 1915 New York City Directory as a widow and head of household.

 

The Streets of Carlsbad - Mermod Street

Land speculation in the 1890s is the main reason for the development of Eddy/Carlsbad. To develop land in the desert, it was necessary to provide water to agricultural land.  The early irrigation developers, Charles B. Eddy, Robert W. Tansill, Charles Greene, Joseph Stevens, and Francis Tracy were joined by Arthur Mermod. The early developers used land laws to obtain land for development. Both Mr. Mermod and his wife were granted a section of land under the Desert Land Act.

Arthur Mermod (pronounced with a silent “d”) was from a wealthy family in St. Louis, Missouri. His father was the owner and president of the Mermod-Jaccard Jewelry Company of St. Louis, at the time one of the largest jewelry companies in the country. Mr. Eddy knew Arthur Mermod from the Colorado Springs area, where Eli and Arthur Mermod, Jr. had “dabbled” in cattle ranching. His father had invested in a cattle ranch in the Colorado Springs area, in an effort to give his sons a sense of purpose. The Mermod ranch and the Eddy ranch were in close proximity. Mrs. Arthur Mermod was the best friend of the Charles Eddy’s sister, Mrs. Mary Fox (Fox Street). When the Tansill party made the trip from Toyah, Mrs. Fox and Mrs. Mermod were visiting the Eddy Ranch and acted as hostesses to the visiting potential investors.

Although the Mermod family did not establish a residence in Eddy, they spent a part of each winter in the town. The family divided their time between St. Louis, Colorado Springs, and Eddy. Mr. Mermod became involved in the first real estate sales office in Eddy. During the 1890s, he served as a U.S. land commissioner.  He recorded deeds of land transactions as early as August of 1890. There were handbills printed by The Argus that identified Mr. Mermod as a land commissioner, notary, and sales agent for the investment company. He was mentioned in advertisements and brochures sent across the country talking up the advantages of life in the Pecos Valley.

Land speculation in the 1890s is the main reason for the development of Eddy/Carlsbad. To develop land in the desert, it was necessary to provide water to agricultural land.  The early irrigation developers, Charles B. Eddy, Robert W. Tansill, Charles Greene, Joseph Stevens, and Francis Tracy were joined by Arthur Mermod. The early developers used land laws to obtain land for development. Both Mr. Mermod and his wife were granted a section of land under the Desert Land Act.

Arthur Mermod (pronounced with a silent “d”) was from a wealthy family in St. Louis, Missouri. His father was the owner and president of the Mermod-Jaccard Jewelry Company of St. Louis, at the time one of the largest jewelry companies in the country. Mr. Eddy knew Arthur Mermod from the Colorado Springs area, where Eli and Arthur Mermod, Jr. had “dabbled” in cattle ranching. His father had invested in a cattle ranch in the Colorado Springs area, in an effort to give his sons a sense of purpose. The Mermod ranch and the Eddy ranch were in close proximity. Mrs. Arthur Mermod was the best friend of the Charles Eddy’s sister, Mrs. Mary Fox (Fox Street). When the Tansill party made the trip from Toyah, Mrs. Fox and Mrs. Mermod were visiting the Eddy Ranch and acted as hostesses to the visiting potential investors.

Although the Mermod family did not establish a residence in Eddy, they spent a part of each winter in the town. The family divided their time between St. Louis, Colorado Springs, and Eddy. Mr. Mermod became involved in the first real estate sales office in Eddy. During the 1890s, he served as a U.S. land commissioner.  He recorded deeds of land transactions as early as August of 1890. There were handbills printed by The Argus that identified Mr. Mermod as a land commissioner, notary, and sales agent for the investment company. He was mentioned in advertisements and brochures sent across the country talking up the advantages of life in the Pecos Valley.

In Mr. Tracy’s Reminiscences, he reported (when the Panic of 1893 and the flood of the Pecos followed), “The strain of the reversal was so disheartening, that discord broke out among the promoters themselves , and after an unsuccessful attempt to wrest control from Mr. Hagerman, Mr. Eddy and his associates (including Mermod) withdrew from the valley and never returned.”

 

The Streets of Carlsbad - Tracy Place

Francis Gallatin Tracy, Sr.

Recruited by his uncle, Joseph Stevens, Francis Gallatin Tracy, Sr. came west to inspect and invest in the irrigation venture. Mr. Tracy returned to New York; however, he was so impressed he sold his holdings on Long Island and returned to Eddy. He remained to manage Mr. Steven’s and his own investments.

Mr. Tracy was twenty-six when he came to Eddy from New York in 1890 with $163 and two collie dogs. He went to work for the Pecos Valley Town Company for $75 a month, investing most of his earnings in lots in the town and in his farm.  The early agricultural boom collapsed when the entire United States was hit by the Panic of 1893. The same year the Pecos River flooded and destroyed part of the irrigation ditches, tore out railroad tracks, and washed out the Rock and Hagerman Dams. A few pioneer farmers decided to “pull up stakes” and moved away. Mr. Tracy was determined to stay and be successful.

After the flood and economic downturn, Francis G. Tracy supervised preparation for building a new concrete flume across the river. The concrete flume was built by the Witt Brothers and finished in 1903. This flume was "one of the largest of its kind in the world."

The irrigation system was barely back in operation when the river flooded again in 1904. In desperation, the development company’s officers negotiated a sale to the United State Bureau of Reclamation in 1905 for $150,000 or about ten cents for each original investment dollar. In 1907 with Bureau money, the irrigation of 30,000 acres using 145 miles of ditches was completed. Francis G. Tracy was largely responsible for the successful reorganization and completion of the reconstruction.

New construction brought jobs and helped the economy. When the project was completed, farmers were able to increase alfalfa acreage dramatically. The Carlsbad Irrigation Co. was the first in the United States to pay back its debt to the Bureau of Reclamation and return to local ownership. Francis Tracy was largely responsible for this effort. The irrigation system was the largest built by private enterprise, and declared a National Landmark in 1973.

A hard freeze in 1906 killed most of the fruit trees and ended growing fruit as an agricultural industry in the Pecos Valley. Francis G. Tracy and C. H. McLenathen, the leading farmers of the area, found with irrigation cotton could be grown profitably. Cotton became the county’s major cash crop, grossing a half million dollars in 1908. Mr. Tracy was a life-long civic and community leader and continued to be of influence until his death in January of 1951. His descendants still reside in Carlsbad and continue his civic work.