On the northeast corner of 3rd and Court was the Sherman Block, built in 1855 by Hoyt Sherman. B.F. Allen was a banker here and it was also the first home of Equitable of Iowa. Equitable was founded by F.M. Hubbell who arrived in Des Moines on May 7, 1855, with $3 in his pocket. His father demanded he give the money back to him so he could buy land in Dallas County. Young Hubbell walked the streets until he found a job as a clerk in the land office with Phineas Casady.
In the ensuing years, Hubbell invested in land, narrow gauge railroads, water companies, and most significantly, insurance. Sometime in the 1860’s a New York insurance salesman called on Hubbell to sell him a life insurance policy for $25,000. Hubbell was curious about where the company would invest his premiums. The salesman told him that his premiums would earn a guaranteed four percent return, but that the company reinvested the money at 10 percent. They New York based life insurance company was also required by New York law to invest its money within 50 miles of the home office. Hubbell decided to form his own insurance company with the idea that the premiums would be invested in Iowa, and particularly Iowa farmland. He and other investors created Equitable Life Insurance Company of Iowa. By 1920, his family owned the company. It stayed in the family until 1997 when it was sold to ING.
Hunter, Dan. Des Moines: Confluence of People and Resources. 1982: Public Library of Des Moines.
William B. Friedricks. “Hubbell, Frederick Marion.” American National Biography Online. October 2008 Update.
Content also from the Des Moines Architectural and Historical Tour.