USA > Ohio > Montgomery County > Dayton > History of Dayton, Ohio. With portraits and biographical sketches of some of its pioneer and prominent citizens Vol. 2 > Part 3
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The massive double doors together are six inches in thickness and weigh several tons. The outside door is secured by twenty-four double- acting steel bolts, each bolt one and a half inches in diameter, and all having a purchase on the inside of the jambs. This bolt work operates from a common center, throwing eight bolts front, eight back, four up, and four down, thus forming twenty-four distinct fastenings for the door, all operated by an automatic device, having no connection with the exterior of the door. Time-locks are also attached, affording pro- tection after the close of business hours, so that the doors cannot be opened even by those having charge of the locks In addition to all these precautions in the construction of the vaults, information is received every half-hour during the night at police headquarters of the safety of the premises. Taken altogether, there is no safer or better place for the keeping of valuables than in the vaults of this company, and many of the people of Dayton and vicinity have already become its patrons. The trustees of the company at the present time are: Torrence Huffman, J. B. Thresher, John W. Stoddard, Eugene J. Barney, William J. Shuey, Clement J. Ferneding, James D. Platt, John T. Barlow, and George J. Roberts. The officers are as follows: Torrence Huffman, president; William J. Shuey, vice-president; Ziba Crawford, secretary and treasurer, and D. W. Stewart, custodian.
The Dayton Savings Bank was incorporated February 24, 1874, under an act of the legislature passed February 26, 1873. It commenced business
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May 21, 1874. The trustees were C. F. Kneisley, Charles Burroughs, Jost Durst, Daniel Slentz, and J. L. Prugh. The first officers were C. F. Kneisley, president; Charles Burroughs, vice-president; Jacob W. Dietrich, cashier. The trustees of this bank, at the beginning, hoped to be able to secure a large line of deposits from the laboring classes of the people, but, owing to the existence of numerous prosperous building associations, the savings department has been but poorly patronized. From the beginning, however, the institution has carried on a regular banking business, and has thus been able to be of use to such as chose to use it for banking purposes. Of late years the officers have been Louis II. Poock, president; Edward Pape, Sr., vice-president, and Ziba Crawford, cashier, until he resigned the position to take the position of cashier in the new Fourth National Bank. At the time of Mr. Craw- ford's resignation, Mr. Pape was elected cashier, and Daniel Slentz was elected vice-president in the place of Mr. Pape. At the same time Albert H. Poock, since deceased, was elected assistant cashier. About March 1, 1889, arrangements were completed to change the bank from a State bank to a national bank, with the name of the Teutonia National Bank. In the summer of 1889, it removed to the northwest corner of Fifth and Jefferson streets, a most eligible location. At the time of its incorporation as a national bank, its capital was two hundred thousand dollars, and the directors and officers were as follows: Direc- tors, Louis II. Poock, Edward Pape, Sr., W. S. O'Neill, Harry Coleman, Fred Reibold, John Dodds, Charles E. Swadener, Adam Lessner, and Joseph Wortman. The above directors were chosen on Saturday night, March 16, 1889, and on the 29th of the same month the following officers were elected: Edward Pape, Sr., president; Frederick Reibold, vice- president, and Louis H. Poock, cashier.
Dayton Building Association, No. 1, was organized March 23, 1867. This was the first organization of the kind established in Dayton. Its . business office was in the basement of the German Reformed Church, at the corner of Clay and Cass streets. Its first officers were Carl Bremer, president; Albert Geige, vice-president; Friederich Naumann, treasurer, Jacob Decker, secretary, and John II. Stoppelman, attorney. In this association each member had but one vote without any reference to the number of shares he held. The shares were one hundred and twenty-five dollars each, and one of the special features of the association was that all payments had to count back to the date of the organization, no matter when made. The officers of the association were as follows: President --- Peter Lenz, 1868 and 1869; John Roder, 1870 to 1873 inclusive. Vice- president-John Schen, 1868; John Roder, 1869; Augustus C. Meyer,
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1870; William Stock, 1871; Gottlieb Eberhardt, 1872; Freiderich . Horn, 1873. Secretary-Louis II. Poock, 1868 to 1873 inclusive. Treasurer --- Philip Walz, 1868; Henry Wetekamp, 1869; Philip Walz, 1870; Henry Beddies, 1871 to 1873 inclusive. Comptroller-Freiderich Steinbruegge, 1869; John Jauch, 1870; Freiderich Steinbruegge, 1871; Joseph Bur- winkel, 1872. Assistant secretary-Henry IIneffelmann, 1873. Cashier -Jacob Gruenewald, 1869 and 1870; Freiderich Seeger, 1871 and 1872; John Weissmantel, 1873. Attorney-J. L. HI. Frank, 1868 to 1873 inclusive. The affairs of this association were wound up August 26, 1873, at which time there was a dividend of fifty-four cents per share to be made, or in the aggregate $566.23 to be divided among the members after they had received back their original investment.
Concordia Building Association was organized March 23, 1868. Each share in this association was one hundred and fifty dollars. No member could hold more than ten shares, and no member had more than one vote, no matter how many shares he held. The first officers of this association were: President, George Neibert; vice-president, Dr. Henry Weis; secretary, A. Abicht; treasurer, Peter Lenz; assistant secretary, Louis II. Poock, and attorney, J. L. II. Frank. The subsequent officers were: President-George Neibert, 1869 to 1872; Jacob Schmidt, 1873; Peter Lenz, 1874. Vice-president-John Roder, 1869; Christian Schmidt, 1870; Christ. Schon, 1871; John Roder, 1872; John Schneble, 1873;
Christ. Schon, 1874. Secretary -- Louis II. Poock, 1869 to 1874 inclusive. Treasurer -- Peter Lenz, 1869; Constantine Zwisler, 1870; William Leonhard, 1871 and 1872; Christian Schmidt, 1873 and 1874. Cashier-John Roder, 1870 and 1871; Edward Meissner, 1872; John Stræhler, 1873; George Jacob, 1874. Attorney-J. L. II. Frank, 1869 to 1874 inclusive. There were no officers elected for 1875, the affairs of the association being wound up April 22d of that year, and the members going over to the Germania, a history of which follows.
The Germania Building Association was incorporated in April, 1873, with a capital of one million dollars, by the following persons: Louis II. Poock, Frederick Poock, C. G. Sputh, G. Eberhardt, Philip Lenz, Carl Tredtin, Peter Lenz, Philip Walz, John Schoen, Carl Pauli, Louis Rost, William II. Smith, and John Roder. A meeting of those interested was held May 1, 1873, at which the following directors were elected: Peter Lenz, Frederick Horn, Philip Walz, John Schoen, J. L. JI. Frank, Louis JI. Poock, Peter Aman, Ernst. Mueller, John Roder, Edward Meissner, Gottleib Eberhardt, Louis Rost, and Frederick Poock. On May 2d, the association was organized by the election of John Schoen, president; Peter Aman, vice-president ; Louis II. Pooek, secretary; Peter Lenz,
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HISTORY OF DAYTON.
treasurer, and J. II. L. Frank, attorney. In the following list of officers only the changes are indicated: In 1874, John Roder was chosen presi- dent; Gottlich Eberhardt, vice-president; in 1875, Frederick Steinbruegge, vice-president; in 1876, Charles E. Swadener, attorney; in 1877, Freiderich Steinbruegge became president, and has been annually elected ever since; Henry Beddies was elected vice-president; 1878 Henry Weber, vice-presi- dent; 1879 John Roder, vice-president; 1880 George Martz, vice-president; 1881 Henry Seeger, vice-president; 1884 II. W. Meyer, vice-president; 11. Seeger, treasurer; 1888 Louis II. Poock was chosen both secretary and treasurer, and has served in both capacities ever since. The officers of the association at the present time (1889), are as follows: President, Freiderich Steinbruegge; vice-president, IL. W. Meyer; secretary and treasurer, Louis H. Poock; attorney C. E. Swadener. The board of directors, in addition to the first three of the above-named officers are Henry Hueffelmann, F. August Requarth, W. H. Meyer, August G. Poock, George Dies, and Christ. Schoen.
On August 23, 1886, the charter of this association was amended so as to permit the increase of the capital to two million dollars. The asso- ciation works on the permanent Philadelphia plan. Business is conducted every day, and on Saturday and Monday evenings. A share in this associa- tion is two hundred dollars, and a borrower pays twenty-five cents per week for cach two hundred dollars that he borrows, and in addition to this, pays whatever premium he agrees to pay, either weckly or monthly, and also interest at the rate of six per cent on the loan. At the end of the year the interest is rebated on the amounts that have been paid in weekly, and credited to the borrower on the loan, together with dividends, the same as is the case with non-borrowers. The association also issues full paid up stock certificates in sums from one hundred dollars to five thousand dollars, on which it pays the regular legal rate, six per cent.
Franklin Building and Savings Association was established April 20, 1875. The first officers were elected May 25th, following, at which time it was fully organized. These officers were: President, Louis Ritter; vice-president, Christ. Gross; secretary, Louis Faul; treasurer, Edward Pape; attorney, J. L. H. Frank. The subsequent officers were as follows: President-Louis Ritter, 1876 to 1880; Christian Gross, 1881. Vice- president-Christ. Gross, 1876 to 1880; Rudolph Borgneiss, 1881. Secretary-Louis II. Polk, 1876 to 1881 inclusive. Treasurer -- Edward Pape, 1876 to 1881 inclusive. Attorney-J. L. II. Frank, 1876 to 1881 inclusive. A meeting was held August 2, 1881, at which it was provided that another meeting should be held on August 9th, but no record of this meeting can be found. The members, however, went into the New Franklin Building Association.
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The New Franklin Building Association was established May 9, 1879, on the permanent plan, and was .incorporated with a capital of five hundred thousand dollars. Each share was one hundred and fifty dollars. The incorporators were Louis Ritter, Edward Pape, Louis II. Poock, Adam Weber, Daniel Schroer, John Trangenstein, Christ. Kast- ner, August Hessler, Adam Hilde, and Jacob Renner. The first officers were as follows: President, L. Ritter; vice-president, John Danner; sec- retary, Louis HI. Poock; treasurer, John II. Trangenstein; attorney, C. L. Bauman. Since then the officers have been as follows: President-Louis Ritter, 1880 and 1881; Edward Pape, 1882 to 1889 inclusive. Vice- president-Edward Pape, 1880 and 1881; John Robert, 1882 to 1889 inclusive. Secretary-Louis II. Poock, 1880 to 1884 inclusive; Albert Il. Poock, 1885 to 1888 inclusive; J. E Sauer, 1889. Treasurer-John IL. Trangenstein, 1880 to 1889 inclusive. Attorney-C. L. Bauman, 1880 to 1889 inclusive.
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The Mutual Home and Savings Association was organized in 1873, for the purpose of raising money to be loaned among its members for use in buying lots and houses, in building or repairing houses, and for such other purposes as were authorized by law. The capital stock of the association was at first one million dollars. In 1881 it was inercased to two million dollars, and in 1884 it was raised to five million dollars. The last increase was in 1888, when it was made to ten million dollars.
From 1873 to 1880, the association had a continual struggle for existence, but in the latter year it began to prosper, and ever since that time, as may be inferred from the rapid and great increase of its capital, it has made rapid strides of progress. The officers at the time of organ- ization were as follows: William H. Dill, president; Josiah E. Boyer, secretary, and James Anderton, treasurer. This organization continued until 1874, when Mr. Boyer resigned the secretaryship, and after a short interval the present secretary, A. A. Winters, was elected to fill the vacancy. A year or two later, Mr. Dill removed from the city and resigned the presidency, and Josiah E. Boyer was elected to the place. In 1880, James C. Reber, the cashier of Winters' National Bank, suc- ceeded Mr. Anderton as treasurer, and the above-named officers are at. the present time the officers of the association.
When the association was first organized it was conducted on the plan usually adopted by such associations. Its want of success, however, led the management to look about for new methods. Changes were adopted as they seemed to promise better results, and by 1880 the methods of the association had been completely revolutionized.
Originally shares in this association were one hundred dollars each.
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Afterward five hundred dollar shares were added, still later shares of one thousand dollars, and later still shares of two thousand five hundred dollars. Since 1880, the association has grown very rapidly in the city, as set forth by the following statistics: Net assets January 1, 1880, $35,968.16; Janu- ary 1, 1881, $77,525.51; January 1, 1882, $134,201.37; January 1, 1883, $207,043.09; January 1, 1884, $415,352.56; January 1, 1885, $567,365.01; January 1, 1886, $714,628.25; January 1, 1887, $901,174.47; January 1, 1888, $1,154,148.06, and on January 1, 1889, $1,512,756.95. The annual receipts in 1880 amounted to $101,865.18, while in 1888 they reached $1,354,530.30. The association now numbers about seven thousand members, and has about fifty-five thousand shares subscribed. This association has loaned the money to build more than fifteen hundred homes in Dayton, in sums ranging from five hundred dollars to twenty- five thousand dollars, and on business buildings in sums reaching as high as fifty thousand dollars.
The effect of the establishment of building associations on the rate of interest charged in Dayton is worthy of attention. In general terms it may be said that interest has been lowered three per cent. Formerly interest was as high as ten per cent, whereas now it does not average over seven per cent. Building associations are patronized in Dayton to an extent which is phenomenal. This patronage is not alone from working- men, but is also from business men, and even women and children. The smallest amount received by this association is twenty-five cents per week,' upon which interest is paid according to what the association carns. For the last five years it has averaged over seven per cent, and the interest is compounded every six months. The rooms are open like every other business house, every day in the week, Sundays of course excepted, and also on Monday and Saturday nights. The patrons of the association are coming and going all the time, and constantly keep the officers and. clerks at work.
One of the difficulties with which this association has to deal, is that of finding use for the money that constantly flows into its treasury. From the nature of its business the association is compelled to receive book deposits at all times, but the issuance of paid-np stock is optional with the association. And when money comes in too freely the issuance of paid-up stock is for the time being discontinued. Paid-up stock is therefore used as a kind of financial regulator. The association also has the right to call in outstanding stock in case of necessity; that is, in case of money coming in too freely by means of the book deposits. If, however, at any time the demand for money becomes greater than the supply on hand, it is only necessary to permit it to be known that the association is ready to issue
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paid-up stock, that being a favorite investment, and then money pours in until the equilibrium is restored. Were it not for this means of regulating the supply of money at will, large balances of money would accumulate at certain seasons of the year, and lie idle, while at other times members desiring to borrow money or withdraw their deposits, would be subject to embarrassing delays. By the means thus indicated, the association was enabled during the year 1888, to keep the balance down below fifty thousand dollars, with one exception, and the average balance for the year was $19,298.81.
The advantages to those who desire to borrow money are numerous in dealing with a building association. The money may be drawn in install- ments, as needed, and interest begins only when the money is actually drawn. Loans are made up to two thirds of the value of the security, including improvements. The weekly payments amount to only thirteen dollars per year on each one hundred dollars of the loan. This is but six dollars more than the interest, and if the borrower does not wish to pay anything on his loan he will scarcely feel this additional small sum, and at the same time he is paying off his indebtedness in such a way as hardly to be aware of it. The loan is thus paid off so gradually that there is no uneasiness on account of a note of considerable size falling due all at once. Each weck takes care of itself, and thus the burden is evenly distributed throughout the whole year. A minimum payment of twenty-five cents on cach one hundred dollars is regnired, while at the' same time, all payments in excess of the minimum count as payments ahead, and no one is in arrears until all over-payments are used up. Besides these obvious advantages the entire loan may be paid off at any time, and premium and interest are charged only up to the date of can- celing the indebtedness. Thus it will be seen that a borrower from a building association is enabled to utilize at any moment any money that may come into his hands. This is an advantage not casily to be over- estimated. And it is only possible for such an association to conduct business in this way, because it has a steady stream of money pouring into and out of its treasury.
Central Building Association was organized in 1875, with a capital of one million dollars. John S. Charch was its president from the date of organization until 1888, since when the president has been Edward Pape. A. Ebel was secretary until 1887, since when that office has been filled by Joseph Schumacher. M. Schneider and Daniel Leonhard have been treasurers since the organization, and C. L. Baumann attorney.
Washington Building Company was organized in 1874, with a
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capital of three hundred thousand dollars. Andrew Ritzert was presi- dent until 1877, Frank Bucher until 1882, August Wehner until 1887, and since then J. Joseph Stephan. Herman Soehner has been secretary since the organization, Alexander Mack treasurer, and C. L. Baumann attorney.
Permanent Building and Savings Association was organized in 1874, with a capital of one million dollars. The officers, since the organization, have been Conrad Dichl and Louis Fry, presidents; Henry Cellarius, secretary; Henry Fry, treasurer; and C. L. Baumann, attorney.
Homestead Aid Company was organized in 1881, with a capital of two million dollars. The officers have been as follows: President, G. W. Kneisley until 1884, E. F. Sample until 1886, and T. B. Hanna until the present time; vice-president, D. L. Rike until 1884, T. B. Hanna until 1886, and JI. R. Groneweg until the present time; secretary, O. F: Davisson from the organization until the present time; treasurer, Third National Bank from the beginning until 1885, Charles Rench from 1885 until the present time; attorney, James Linden from the beginning until 1884, O. F. Davisson from then to the present time.
Montgomery Building Company was organized in 1884, with a capital of nine hundred thousand dollars. The officers have been, presi- dent, Joseph Wellmeier, 1884 to present time; vice-president, John Aman, 18SJ to the present time; treasurer, Martin Popp, 1884 to 1886, George II. Jeckering, 1886 to the present time; and attorney, C. L. Baumann, 1881 to the present time.
American Loan and Savings Association was organized in 1885, with a capital of one million dollars. The officers have been, president, W. F. Gloyd; secretary and attorney, Charles A. Waltmire; treasurer, Frank L. Allen, 1885 to 1888; Charles L. Hubbard, 1888 to the present time.
Centennial Loan and Savings Association was organized in 1885, with a capital of one million dollars. Its officers have been, president, Henry Dornbusch; treasurer, John P. Lutz; secretary and attorney, Sumner T. Smith.
Dayton Loan and Deposit Company was organized in 1885, with a capital of fifty thousand dollars. The officers have been president, W. O. McCabe; secretary, Theodore Meuche until 1887, and since then A. B. Nugent; treasurer, J. A. Romspert; attorney, A. II. Romspert.
Equitable Loan and Savings Association was organized in 1885, with a capital of five million dollars. The officers have been president, Joseph E. Lowes; treasurer, M. A. Ningen; secretary, J. C. Turner until 1886, and since then II. W. Surface; attorney, C. D. Iddings.
Miami Loan and Trust Company was organized in 1887, with a capital of five hundred thousand dollars. The officers have been presi-
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dent, William Huffman; vice-president, Philip E. Gilbert; treasurer, Ziba Crawford; and secretary and attorney, C. J. McKee.
Dayton Building Company was organized in 1888, with a capital of two million dollars. The officers have been president, Edward Meissner; secretary, Henry Kley; treasurer, Frederick Kuebler; and attorney, J. L. II. Frank.
Gem City Building and Loan Association was organized in 1888, with a capital of one million dollars. The officers have been, president E. B. Kelly; secretary and attorney, C. W. Dustin; and treasurer C. D. Kidd, Jr.
Mechanics' Loan and Savings Association was organized in 1888, with a capital of two million dollars. The officers have been president, B. N. Davis; vice-president, John Kiser, secretary and attorney, J. A. Wortman; and treasurer, C. J. Moore.
The building associations of Dayton formed a league for mutual benefit on March 6, 1889. All associations doing business in the county are eligible to membership. The league is called the " Building Associa- tion League." The officers elected at the time of the formation of the league were: A. A. Winters, president; Louis II. Poock, vice-president; II. F. Cellarins, secretary, and D. Leonhard, treasurer. The associations represented in this league at the time of its organization are as follows: The American Loan and Savings Association, the Central Building Association, the Dayton Building Company, the Equitable Loan and Savings Association, the Gem City Loan and Savings Association, the . Germania Building Association, the Homestead Aid Association, the Mechanics' Loan and Savings Association, the Miami Loan and Trust Company, the Mutual Home and Savings Association, the New Franklin Building Association, the Permanent Building Association, the Washing- ton Building Company, and the West Side Building Association. All the associations in the city except two were represented.
CHAPTER XVIII.
Manufactures-Connection Between Manufactures and Agriculture-William Hamer's Mill-Mr. D. C. Cooper's Sawmill and " Corn Cracker"-Matthew Patton's Cabinet Making-Robert Patterson's Fulling Mill-James Bennett's Wool Carding-Suther- land's Carding Machine- His Sudden Disappearance-Emory, Houghton & Company's Nail Factory-Elias Favorite's Hat Factory-William J. Brown, the First Gun- smith-Thomas Clegg's Operations -- Henry Diehl's Chair Factory-Jethro Wood's Patent Plows-Washington Cotton Factory -- Greer & King-Iliram Wyatt's Cracker Factory --- Thomas Brown-S. N. Brown & Company -- Crawford's Last Factory- Miami Cotton MUll-Cooper Cotton Factory-Dayton Carpet Factory-Osceola Mills -- Strickler, Wilt & Company-Clock Factory-Portable Threshing Machines-Marble Works-W. & F. C. Estabrook --- Pritz & Kuhns -- The Moore Grain Drill-Sachs- Pruden Ale Company --- The Mead Paper Company-W. P. Callahan & Company- F. Benjamin, Ax Factory-Beaver & Butt-John Rouzer-Buckeye Iron and Brass Works -- The Aughe Plow-Columbia Bridge Works --- The Pitts Thresher and Separa- tor -- Barney & Smith Manufacturing Company-Dayton Manufacturing Company- Pinneo & Daniels -- John Dodds --. Dayton Buggy Works-Stilwell & Bierce Manufac- turing Company -- Breweries-Mcsherry & Company -- McHose & Lyon-Farmers' Friend Manufacturing Company-Cracker Factories-Brownell & Company-Other Manufacturing Companies-The Hydraulics-Dayton Gas Light and Coke Company -- Dayton Electric Light Company-Natural Gas -- United Brethren Publishing House -- Christian Publishing Association-The Reformed Publishing Company-Conclusion,
"THE place of manufactures in the industrial economy of a people is in all probability second to nothing but agriculture. If there were no agriculture there would be little necessity for manufactures, compared with the necessity for this industry that now exists. After the two are established in any community or country, however, they are mutually dependent upon each other, and are of almost equal benefit to society. HIence, whatever is for the benefit of the one is of almost equal benefit to the other, so that there is nearly, if not quite, as much interest attaching to the study of the one as to that of the other.
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