Business and Economics

Subcategories:
Clear

Entry Category: Business and Economics - Starting with P

Palmer, Clyde Eber

Clyde Eber Palmer, a businessman whose instincts for profitmaking in risky industries became legendary, owned at various times nearly forty newspapers in Arkansas and Texas, along with interests in television and radio stations and oil and gas businesses. For most of the twentieth century, Palmer and his heirs had monopoly ownership of daily newspapers in southwestern Arkansas’s largest cities, and by the beginning of the third decade of the twenty-first century, his heirs controlled most of the daily news consumption in Arkansas through their flagship newspaper, the Arkansas Democrat-Gazette, as well as small dailies. In his constant search for cost savings, Palmer brought about technological changes in newspaper production that were embraced by newspaper chains across the country. Significantly, many …

Panic of 1819

The Panic of 1819 was the first major widespread financial panic in the United States. The financial disaster affected the U.S. banking system, the “Cotton Belt” southern states, and western migration to federally owned lands. Unemployment and bankruptcies increased, and faith in government monetary policy rapidly decreased. This economic panic adversely affected once-growing territories like Arkansas for years. A significant precursor to the crisis in 1819 was the Napoleonic Wars in Europe. Although warfare between Great Britain and France hurt the European economy, they caused the American economy to grow. Countries in Europe relied on American manufacturing and also the United States’ agricultural production, which was growing as settlers relocated to states and territories like Ohio, Missouri, and Arkansas (Arkansas …

Panic of 1837

The Panic of 1837 was the first financial panic to hit America during the Free Banking Era (1837–1863). Like most economic panics, it was caused by both internal and external factors. New states in the South like Arkansas faced decreased value in land, cotton, and the slave trade. The depression lasted until around 1844, with the country’s economy rebounding because of new commodities and later solidifying after increased access to gold deposits in the American West after the Mexican War. Origins of the Panic of 1837 At the time Arkansas was becoming a state in 1836, the American economy was expanding. The land in Arkansas, especially in the southeastern portion of the state, grew in value because of the cotton …

Panic of 1857

The Panic of 1857 was a financial crisis that gripped the United States from 1857 to 1861 and is widely considered the first worldwide economic crisis, with the economic and technological connectedness of global markets leading to widespread commercial problems. The previous decade was prosperous for the United States, but the national economy faced serious regression near the end of the 1850s. In states like Arkansas, the economic impact was lessened due to greater agricultural reliance. Nevertheless, the economic impact of the financial panic spread across the country and heightened tensions that would lead to the establishment of the Confederate States of America and the eruption of the Civil War. American Economy before 1857 Following the Mexican War from 1846 …

Panic of 1873

The Panic of 1873 was a financial crisis that lasted six years and led to an economic depression that spread across the United States and Europe. Some of the main causes for the economic predicament included inflation and distrust in banks, coupled with questionable investments that anticipated quick returns. Until the stock market collapse in the 1920s, this financial panic was dubbed “The Great Depression.” In Arkansas, a state with the fourth-lowest income per household in 1870s America, financial instability put the citizenry at great risk. The American economy after the Civil War saw increased expansion. In Arkansas, hundreds of miles of new railroads were built. The state had enough funds to build public schools and what is now the …

Pankey, Josephine Irvin Harris

Josephine Irvin Harris Pankey was a real estate developer, educator, philanthropist, and leader in the African-American community of Little Rock (Pulaski County) for the first half of the twentieth century. Josephine Irvin was born on November 17, 1869, in Cleveland, Ohio. Her parents were William R. Irvin and Katherine Harris Irvin. She was the oldest of their five children. Her father was a self-employed whitewasher, her mother a homemaker. Irvin attended elementary school in Cleveland, including at Oberlin College’s Academy, a preparatory school connected with the college. After graduation, she enrolled in Oberlin College but withdrew because of an illness. She was musically talented and studied at the conservatory that was connected with the academy and the college. By 1892, …

Park Hotel

The Park Hotel is a seven-story hotel located at 211 Fountain Street in downtown Hot Springs (Garland County) near Bathhouse Row. Built by the renowned architectural firm of Thompson, Sanders and Ginocchio, the hotel and restaurant in its lobby are still in operation in the twenty-first century. The Park Hotel was added to the National Register of Historic Places on January 22, 1982. The tan brick building is located at the upper entrance to the Hot Springs National Park Grand Promenade, which is a brick pathway through the wooded hills behind Bathhouse Row. The Park Hotel is about a block northeast of the dining, entertainment, and shopping establishments of the Central Avenue Historic District. The Park Hotel was completed in …

Park-O-Meter

Park-O-Meter is a parking meter production company headquartered in Russellville (Pope County). The predecessor company to the current Park-O-Meter, Inc. (or POM) was co-founded by Carl Magee, designer of the world’s first parking meter. Carl Magee was an attorney and newspaper editor who joined the Oklahoma City Chamber of Commerce traffic committee in 1933 and, shortly thereafter, was charged with lessening the escalating traffic congestion in the city’s downtown. Local merchants complained that their sales were hurt by low traffic turnover, since parking spaces adjacent to downtown businesses were occupied by the same cars all day. Magee conceived the idea of a coin-operated timer that could be used to increase traffic turnover in busy commercial thoroughfares, and he sponsored a …

Parkway Courts Historic District

The Parkway Courts Historic District is a motel and apartment complex located at 815 Park Avenue in Hot Springs (Garland County) originally constructed in 1943. Part of the district was rebuilt in the early 1950s after a fire, and it was added to the National Register of Historic Places on February 11, 2004. Businesses began to appear along Park Avenue in the 1930s to serve the tourists who visited Hot Springs. Construction of motels, restaurants, and similar enterprises continued in the area until the 1950s. The Parkway Courts were constructed by Florence Franklin Newell in 1943. She sold the property to Otto Baker in 1950, and the name of the business was changed to Parkway Apartments. Two years later, the …

Peach Industry

Peaches are grown throughout the state of Arkansas with the highest concentrations being in central Arkansas  (Pope and Faulkner counties), western Arkansas (Johnson and Franklin counties), southwest Arkansas (Howard and Clark counties), northern Arkansas (Boone, Benton, and Washington counties), and Crowley’s Ridge in eastern Arkansas (Cross and St. Francis counties). Peaches are most successfully produced on light, sandy soils with at least thirty-six inches of soil depth. Orchards are usually placed on locations with raised elevations to avoid or lessen the impact of incidents of low temperature such as frosts. Peaches were introduced as a crop in Arkansas after the Civil War, as were many other fruits and vegetables, during the New South Diversification movement in agriculture. This movement was …

Pearl Rush

The rivers of northeast Arkansas once teemed with freshwater mollusks capable of producing pearls, which led to a huge “pearl rush” in the region in the late 1800s. The mussels had not been harvested on a large scale since Native Americans dwelled along these rivers, giving the animals—and the pearls within—time to grow. In an era before cultured pearls, these gems only occurred naturally, growing inside a freshwater mollusk or saltwater oyster, and the rarity of this occurrence made them precious. Native Americans used pearls to indicate elite status through adornment and burial practices. Burial sites in Campbell, Missouri, and Spiro, Oklahoma, revealed large quantities of freshwater pearls heaped in baskets or large shell vessels. A grave near present-day Helena-West …

Pearson, John

John Pearson was a renowned gunsmith noted for his early work with Samuel Colt in developing the first working revolver. He later worked as a gunsmith in Little Rock (Pulaski County) and Fort Smith (Sebastian County). John Pearson was born in England around 1811 and, by the 1830s, had immigrated to the United States, where he established himself as a tradesman and gunsmith in Baltimore, Maryland. He was operating there when Samuel Colt began developing his design for a revolving pistol that could fire multiple rounds before being reloaded. Colt worked with several contractors, but Pearson was his favored gunsmith and consultant, and Colt would bring him designs to build with hand tools and early machinery. As one biographer noted, …

Penzel, Charles Ferdinand

Charles Ferdinand Penzel emigrated from Austria to Little Rock (Pulaski County) in 1857 and, after the Civil War, became a leading merchant, pioneering banker, and prolific investor who rose to the first rank of capitalists in the city. He was also active, often as an officer, in numerous city economic development, religious, civic, and charitable organizations. At the time of his death, he was perhaps the richest German American in Arkansas. Born on October 8, 1840, to Johann Christof Penzel and Maria Elizabeth Penzel, Charles Penzel was one of twenty-eight emigrants from Asch, a Bohemian city of about 9,000 and a district of about 20,000 people, who settled in Pulaski County between 1848 and 1857. When he arrived in Pulaski …

Peonage

The term “peonage” refers to a debt labor system whereby workers are tied to a landowner due to debts owed the landowner by the worker. Peonage is considered a form of slavery since the worker is essentially prohibited from leaving the control of the landowner. Peonage was declared illegal by Congress in 1867, and two of the most famous peonage investigations occurred in Arkansas during the first decades of the twentieth century. Potential for peonage came about following the Civil War when the South’s agricultural economy shifted from use of a slavery-based workforce to a farming environment that relied on a mixture of hired labor and tenant farming or sharecropping. The sharecropping system encouraged indebtedness to the landowner since supplies …

Perry Plaza Court Historic District

The Perry Plaza Court Historic District consists of a former motel (or “tourist court,” as it was known at the time) on Park Avenue in Hot Springs (Garland County). Constructed in the International Style, it was added to the National Register of Historic Places on February 11, 2004, due to its architectural significance and condition. In the 1970s, the building was converted into an apartment complex. Construction of the motel began in 1947 and was completed the next year. Designed by Hot Springs architect Irven McDaniel, the motel had nineteen units. The International Style, in which the building was constructed, is noted for its horizontal design elements and minimal adornment. The motel was built with steel joist construction, fire walls, …

Person, Charline Woodford Beasley

Charline Woodford Beasley Person ran a 5,000-acre cotton plantation in Miller County, Arkansas, after the death of her husband. Person was an active community and church leader, helping build the community church in Garland (Miller County) and steering her hometown through the Great Depression. She was also the only woman chosen to represent Arkansas at the St. Louis Exposition of 1926. Charline Woodford Beasley was born on December 2, 1876, in Lewisville (Lafayette County), the daughter of Charles Hunter Beasley and Lucy Lungren Beasley. Beasley attended Lewisville School, and she was not quite seventeen when she married Levin King Person Jr. (1862–1911) in “Old Lewisville” in 1893. They had three children. In January 1911, Levin Person died suddenly from a …

Petit Jean Meats

Petit Jean Meats is a pork processor and retailer located in Morrilton (Conway County). Family owned since its origins in the late 1920s, the company is the only privately owned red-meat processor still operating in Arkansas. It is also an official sponsor of the Dallas Cowboys football team. In 1922, Felix Schlosser left his native Germany to practice the butchering trade in Arkansas, where some of his relatives had already established themselves. After working at the Little Rock Packing Company and Becker Packing Company, he settled in Morrilton near his cousin, Mary Ruff. He opened a retail meat market with his partner, Ellis Bentley, who sold his share to Schlosser after two years. The small market burned but was reopened …

Philanthropy

Nonprofit and volunteer organizations in Arkansas, from religious groups in the territorial period to the charitable foundations of today, have contributed greatly to the economic wellbeing of the state. Charitable giving by private groups to benefit persons outside their own membership—the definition of philanthropy used here—has been an essential feature of the economic landscape of Arkansas. This has been the case because of the state’s long-term experience with poverty and with a reluctance, until fairly recently, to use government programs to alleviate human suffering and expand educational opportunities for the people of Arkansas. Rise of Organized Philanthropy Organized charitable giving first grew out of church, women’s, and fraternal groups. In the absence of state-sponsored educational institutions, churches in pre–Civil War …

Phillips, Charles E., Jr

Charles Phillips Jr. is the CEO of Infor, a company that specializes in industry-specific software. His long career on Wall Street and in Silicon Valley include high-level positions in financial services corporation Morgan Stanley and the computer technology corporation Oracle. He was inducted into the Arkansas Black Hall of Fame in 2012. Charles Phillips was born in 1959 in Little Rock (Pulaski County). His father was stationed at the nearby Little Rock Air Force Base, and the family moved frequently during his youth, including stints in Germany and Spain. Aiming to follow in his father’s footsteps, Phillips enrolled in the U.S. Air Force Academy in Colorado Springs, Colorado. Although he graduated with a degree in computer science in 1981, worsening …

Phillips, Sylvanus

Sylvanus Phillips was an early American pioneer and Arkansas settler. As a prominent land speculator and town developer who held numerous offices during his roughly thirty years in southeastern Arkansas, Phillips helped shape settlements and communities in Arkansas Territory just before statehood. Little is known about Phillips’s early life, family, and education. He was born in the Piedmont region of North Carolina in April 1775, but his exact birthdate and the names of his parents are unknown. The Piedmont region was inhabited by Waxhaw and Catawba Indians as well as Scotch-Irish and English settlers, and it is possible that he was of Scotch-Irish descent. In 1797, he traveled to Arkansas by crossing the Appalachian Mountains and going through Kentucky. He …

Phillips, William Richard (Bill)

Boone County native William Richard (Bill) Phillips was an Arkansas businessman and an All-American football player at Arkansas State University (ASU). His athletic abilities were a major contributor to the school’s 1970 national football championship and led to his induction into the Arkansas Sports Hall of Fame twice. Born on February 2, 1949, in Harrison (Boone County), Bill Phillips was one of four children of Earl and Hazel Phillips. He grew up in Harrison, where he attended the local schools. By the time he was in junior high, he had become an accomplished athlete in basketball, track and field, golf, and football. He was a member of the 1967 Arkansas state basketball championship team. His football season was cut short …

Pillstrom Tongs

Pillstrom Tongs were invented by Lawrence G. Pillstrom MD for the safe capture of snakes for scientific research. The company eventually began shipping these unique, safe herpetological tools all over the world. They are used by zoos, animal control agencies, specialty animal handlers, collectors, and others. The company expanded upon the line of original snake tongs and modified them to be used for hunting frogs, pruning trees, cooking outdoors, picking up aluminum cans, and more. In 1953, as a young student at what is now the University of Arkansas for Medical Sciences (UAMS) in Little Rock (Pulaski County), Pillstrom began some early studies and medical research of snake venom and its effects. As a key part of his doctoral work, …

Planters Bank Building

The Planters Bank Building is a historical commercial structure located at 200 East Hale Avenue, at its intersection with Pecan Avenue, in Osceola (Mississippi County). Designed in 1920 by Missouri architect Uzell Singleton Branson, the building was originally constructed for the Citizens Bank. Upon the bank’s closure in 1928, the building became the home of First State Bank, which closed in 1930. For a number of years, the building was used by a large mercantile store. In 1943, the City of Osceola leased the building to house its city hall. In May 1944, a citizens’ group that included Congressman William J. Driver of Osceola chartered a financial institution known as the Planters Bank. The new depository took over the former …

Plum Point Energy Station

The Plum Point Energy Station (PPES) is a 665-megawatt (MW) energy facility located approximately five miles east of Osceola (Mississippi County). Owned by NRG Energy of Houston, Texas, the station began commercial production of electricity on September 1, 2010, serving members of the Missouri Joint Municipal Electric Utility Commission (MJMEUC) in the Arkansas communities of North Little Rock (Pulaski County), Osceola, and Piggott (Clay County), along with the Missouri communities of Carthage, Kennett, Malden, and Poplar Bluff, plus all thirty-five members of the Missouri Public Energy Pool No. 1 (MoPEP). The Empire District Electric Company, East Texas Electric Cooperative, and Municipal Energy Agency of Mississippi own smaller shares of the company. Development and Construction Spurred by recent economic setbacks in …

Plummer, Samuel

By the time he was twenty-five, Samuel Plummer had finished an apprenticeship in leatherworking and subsequently traveled to Conway County in Arkansas Territory, where he bought a home and established a business location. The town of Plumerville (Conway County) grew up around his home. (His name was spelled as Plummer in most sources but was Plumer in some, and is Plumer on his gravestone; the spelling of the town’s name is based on the variant spelling.) Samuel Plummer was born on October 3, 1800, in Alexandria, Virginia, in what is now the Washington DC area. Patrick Rodgers, a leather merchant, became Plummer’s guardian when he was seven and started him as an apprentice to learn the trade and business of …