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 32
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The period of greatest prosperity of the canal was from 1831 to 1861, and the largest amount received in any one year since the canal has been in use was $351,807.72, in 1851. The largest amount expended in any one was $270,471.18, in 1852. From 1829 to 1888, inclusive of both year-, the total receipts of the Miami & Erie Canal were $5,969, 182 56, and the
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total expenditures $4,352,454.79. On all the canals of the State, for the period from 1827 to 1888, inclusive of both years, the total receipts were $16,158,441.83, and the total expenditures $10,180,871.87.
Following is a brief outline of the construction of the railroads which terminate in or pass through Dayton: On January 5, 1832, the legislature of Ohio passed an act incorporating the Mad River & Lake Erie Railroad Company. This railroad was to run from Dayton, via Springfield, Urbana, Bellefontaine, to or near Upper Sandusky, Tiffin, and Lower Sandusky, to Sandusky, Huron County. The legislature subsequently passed other acts furthering the interests of this corporation -on March 14, 1836; December 19, 1886; March 16, 1839; February 19, 1845; February 6, 1847, and February 8, 1848. The act of February 6, 1847, authorized the town of Springfield to subscribe twenty thousand dollars to the company's stock, the amount to be applied on the construc- tion of the road between that town and Dayton. The contract for the construction of this division was let in the winter of 1848-1849, and the road was completed between the two places Jannary 25, 1851. On the 27th an excursion passed over the road from Springfield to Dayton, and on the 28th trains began running on regular time. The company constructed its road from Tiffin to Sandusky, via Bellevue.
The Sandusky City & Indiana Railroad Company, which was char- tered February 28, 1851, built a road from Tiffin to Sandusky, via Clyde, and as this route was deemed more favorable than that vig Bellevue, the Sandusky City & Indiana Company leased the road to the Mad River & Lake Erie Company for ninety-nine years, renewable perpetually, and has operated the road via Clyde, abandoning the other route.
On the 1st of June, 1854, the company leased the Springfield & Columbus Railway, and on February 23, 1858, the same was changed by decree of the common pleas court of Erie County, to the Sandusky, Dayton & Cincinnati Railroad Company. The road went into the hands of a receiver October 13, 1865, and on July 2, 1866, a certificate of reorganization was filed with the secretary of State, under the name of the Sandusky & Cincinnati Railroad Company. The name of the company was changed again on the 11th of January, 1868, to the Cinein- nati, Sandusky & Cleveland Railroad Company, and on June 28, 1870, this company leased the road of the Columbus, Springfield & Cincinnati Railroad Company. A perpetual lease of that portion of the road leading from Dayton to Springfield was made to the Sandusky & Cincinnati Rail- road Company, by whom it was transferred to the Cleveland, Columbus, Cincinnati & Indianapolis Railroad Company.
The Cincinnati & Dayton Railroad Company was chartered March
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2, 1846. Its name was changed, by an act passed February 8, 1817, to the Cincinnati, Hamilton & Dayton Railroad Company, and the Dayton end of the road was placed under contract in August, 1850. The first excursion train ran over the road from Cincinnati to Hamilton September 13, 1851, and trains began running regularly between Cincinnati and Dayton on September 22, 1851. The Dayton & Michigan Railroad Com- pany was incorporated March 5, 1851, the road to extend from Dayton to Toledo, and the former company was empowered to lend the new cor- poration money or to otherwise aid it in the construction of the road. Contracts for building this line were let in December, 1851, and an excursion ran over the road from Troy, Ohio, March 28, 1863. On the 1st of May, 1863, the road was leased in perpetuity to the Cincinnati, Hamilton & Dayton Railroad Company, and on February 18, 1869, the latter company Icased the road of the Cincinnati, Richmond & Chicago, and the lease of the latter of the Richmond & Miami Railway, extending to Richmond, Indiana. On the 26th of November, 1872, this company purchased the line of the Junction Railway Company, from Hamilton to Indianapolis, the purchasers soon afterward organizing the Cincinnati, Hamilton & Indianapolis Railroad Company. This company still con- tinnes to operate the road.
The Dayton & Western Railroad Company was chartered February 14, 1846. Its purpose was to construct a road from Dayton to a point on the State line between Ohio and Indiana, the point to be selected by the directors. It is believed the survey was commenced in July, 1848, and the contract let on the 21st of April, 1849. Track-laying began August 6, 1852, from the junction west, the road being consolidated with the Indiana Central on the 1st of August. It is thirty-eight miles from Dayton to the State line, and the road was opened in Indiana, in February, 1853. Trains passed over this road to Indianapolis the same year, and the entire road was open October 11, 1853. On the 14th of January, 1863, the track from Dayton to Dodson was leased to the Dayton & Union Railroad Company. On the 4th of February, 1865, this company leased from the Richmond & Miami Railway Company, for ninety-nine years, from January 1, 1866, the entire control of its road, from its western terminus on the line between Ohio and Indiana, to the junction where it diverges and runs to Eaton and Hamilton, and also the use of its western terminus in the city of Richmond, Indiana. On the same day as that upon which the above lease was made, the company agreed to lease to the Little Miami and Columbus & Kenia Railroad companies for ninety- nine years from January 1, 1865, its road, property, and privileges, with certain exceptions, and also provided that a contract between the Dayton
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& Western and the Columbus & Xenia companies of March 12, 1863, be surrendered. Several other leases and contracts were affected by this change, and the Dayton & Western Railroad Company agreed to procure the transfer to the lessees a majority of its capital stock, not less in the aggregate than one hundred and fifty-five thousand dollars. The Colum- bus & Xenia Company assigned its interest in the foregoing lease of the Little Miami Railroad Company to the Pittsburg, Cincinnati & St. Louis Railway Company, to take effect December 1, 1868, and it was transferred December 1, 1869. This arrangement is still'in existence.
The Greenville & Miami Railroad Company was chartered February 26, 1846, with authority to build a railroad from Greenville to some point on the Dayton & Western line, or on the Miami Extension Canal. Authority was given the company March 23, 1850, to extend its road from Greenville west to the Indiana State line. Contracts were let, and the road was built from Dayton, ria Greenville, to Union City in 1849, and the road was formally opened to Greenville June 10th, and to Union City, December 22, 1852. On January 5, 1863, the road was sold to trustees, and on the 8th of the same month the company was re-organized as the Dayton & Union Railroad Company. A certificate of this re-organization was filed with the secretary of State January 19, 1863. During this latter year the Dayton & Union Railroad Company took up the track from Dayton to the junction, and sold the iron for about ninety thousand dollars, with which the debt was in part liquidated. Afterward this company made a contract with the Pittsburgh, Cincinnati & St. Louis Railroad Company for the use of their track between Dayton and the junction, together with the privilege of crossing the bridge into Dayton for the sum of ten thousand dollars per year, and this arrange- ment is still in force.
The Atlantic and Great Western Railroad Company was formed in 1865 by the consolidation of several New York and Pennsylvania com- panies. The broad guage track of the Cincinnati, Hamilton & Dayton Company, from Dayton to Cincinnati, was leased to the Atlantic & Great Western, and afterward with the rest of the line reduced to the standard guage. On June 25, 1874, the stockholders of the Atlantic & Great West- ern Railroad Company ratified a lease made May 1st previous to the Eric Railway Company, of its own road and leased lines, not including the Cin- cinnati, Hamilton & Dayton road. After being for some time in the hands of a receiver, the road and all other property of the company was soll January 6, 1880, to purchasing trustees on behalf of an association of mortgage bondholders. On the 15th of the following March the trustees conveyed their purchase to five corporations, who organized an Ohio
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corporation, known as the New York, Pennsylvania & Ohio Railroad Company, and this company was incorporated March 17, 1880. A similar corporation was organized at the same time in Pennsylvania, and the two were consolidated March 24, 1880, forming the present New York, Penn- sylvania & Ohio Railroad Company.
The Cincinnati & Springfield Railroad Company was incorporated September 9, 1870, for the purpose of building a railroad from Springfield to Cincinnati. The road was intended to form, in connection with other roads already in existence, a trunk line from Cincinnati to Eastern cities. There was no new road built, except nearly forty-nine miles from Dayton to Ludlow Grove, the Dayton & Western Railroad being used through the city of Dayton and the track of the Cincinnati, Sandusky & Cleveland from Dayton to Springfield, which was leased to the Cleveland, Columbus, Cincinnati & Indianapolis Railroad Company. This road is the "Short Line" from Dayton to Cincinnati.
The Dayton & Southeastern Railroad Company was incorporated December 16, 1871, with a capital stock of one million dollars, for the purpose of constructing a railroad from Dayton to Gallipolis, length one hundred and forty-four miles and guage thirty-six inches. By July 1, 1877, it was finished to Washington Court House, and by June 30, 1880, one hundred and fourteen miles were finished and in operation. In March, 1881, the company was consolidated with the Toledo, Delphos & Burlington Railroad Company, the latter having been organized May 23, 1879, by the consolidation of four other companies incorporated at dif- ferent times, from March 14, 1872, to October 17, 1877. The new company completed the projected line from Dayton to Delphos, and atter the consolidation with the Dayton & Sontheastern Company, the Toledo & Grand Rapids road was purchased, and on the 15th of April, 1881, a certificate was filed for the construction of a branch line from Dayton to Lebanon. On May 19, 1881, a certificate was filed for the construction of a branch from Wellston to Ironton. The lines, known as the Dayton & Southeastern, the Dayton, Cleveland & Toledo, and the Dayton, Lebanon & Cleveland, were afterward owned and operated by the Toledo, Cincinnati & St. Louis Railroad Company. In August, 1883, this road passed into the hands of a receiver, E. E. Dwight, who operated it until December of that year, when A. C. Craig was appointed to succeed him. In July, 1884, that part of the road, previously known as the Dayton & Southeastern Railroad, was sold by order of the United States circuit court, and was re-organized as the Dayton & Ironton Railroad. This extended from Dayton to within twelve miles of Ironton. That part of the road extending to Delphos, and previously known as the Dayton &
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Toledo Railroad, was sold and re-organized as the Dayton & Chicago Railroad. In April, 1887, these two roads were consolidated into one road, the Dayton & Southeastern part made standard guage, and the whole called the Dayton, Fort Wayne & Chicago Railroad. In March, 1887, this company became embarrassed and was placed in the hands of a receiver, R. D. Marshall, who has operated it ever since.
The Dayton Street Railroad Company was chartered in 1869. The capital stock of the company at first was seventy-five thousand dollars. The route was named Route Number 1, and extended from the west end to the east end of Third Street. The first officers were: William P. Huffman, president; H. S. Williams, vice-president; George W. Rogers, treasurer; secretary, J. P. Whitmore, and superintendent, Jolm U. Kreidler. John W. Stoddard became president in 1882, and was suc- ceeded in 1887 by C. J. Ferneding. I. S. Williams is vice-president of the company. George W. Rogers was treasurer until 1882, when the Dayton National Bank became treasurer, and was succeeded by the Third National Bank in 1883. The Fourth National Bank became treasurer in 1887. John U. Kreidler was superintendent of the company until 1883, when he was succeeded by A. W. Anderson, the present superintendent. John W. Stoddard became secretary of the company in 1878, and was succeeded by Charles B. Clegg in 1880, and he by C. A. Craighead in 1886. The present directors are E. J. Barney, U. S. Williams, George W. Rogers, W. II. Simms, S. Craighead, C. J. Ferneding, and Charles B. Clegg. The capital stock of the Company was increased to three hun- dred thousand dollars in 1884.
The Dayton View Street Railroad Company was organized in 1871, with a capital of thirty-five thousand dollars. The directors were J. A. Jordan, J. W. Stoddard, William M. Mills, J. O. Arnold, George W. Lane, J. B. Cottom, W. A. Barnett; and the officers, J. W. Stoddard, president, and W. A. Barnett, secretary and treasurer. The route of the railroad was from the Union Depot along Main and Water streets, thence along Bridge and Salem streets to the corporation line in Dayton View.
This line was leased to the Oakwood Street Railway Company, which was chartered in February, 1875, with a capital of thirty thousand dollars, and the following officers: Samuel B. Smith, president; Edward E. Barney, secretary; G. B. Harman, treasurer, and John M. Oswald, superintendent. The route of this road, named Route Number 3, extended from Oakwood to the corner of Third and Main streets, and thenee over the Dayton View railroad to the corporation line in Dayton View. Charles B Clegg became president of this company in 1876 and still retains the office. E. Morgan Wood was secretary from 1878 to
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1880, Henry V. Perrine until 1882, Marion P. Moore until 1857, and since then A. L. Stout has been secretary. Charles B. Clegg has been treasurer since 1876. W. S. Westerman became superintendent in 1878, and was succeeded in that position in 1880 by Jerome J. Norris, and James Lewis in 1883. William Davis was superintendent one year, as was M. L. Welsh, and since 1876 Charles B. Clegg has been general manager, and since 1887 William Jones has been assistant superintendent. The capital stock of this company was increased to three hundred thousand dollars in 1884.
The Wayne and Fifth Street Railroad Company was chartered September 27, 1871, with a capital of one hundred thousand dollars. Samuel D. Edgar was the first president of the company, and he was. succeeded, in 1873, by George W. Shaw, who has been the president ever since. M. Ohmer was vice-president from near the organization of the company until 1885. Since then Ezra Bimm has occupied the posi- tion. Eugene Wuichet has been secretary since October, 1872, and also treasurer since 1873, S. N. Brown having been treasurer a short time at first, and then George W. Shaw until 1873. The original directors were S. N. Brown, J. J. Bradford, Joseph Kratochwill, George Lehman, George W. Shaw, S. D. Edgar, and Thomas Schaeffer. The present directors are George W. Shaw, Eugene Wuichet, II. H. Bimm, Ezra Bimm, and John Harris. The route of this road extends from Alaska Street, in North Dayton, to the Dayton Asylum for the Insane, a distaned of four and a half miles.
The Fifth Street Railroad Company was incorporated in June, 1880, with a capital of two hundred thousand dollars, which was increased to three hundred thousand dollars in 1886. The first officers were: A. A. Thomas, president; D. B. Corwin, secretary; R. I. Cummin, treasurer; J. M. B. Lewis, superintendent. The present officers are: D. B. Corwin, president; J. C. Peirce, secretary and treasurer; and Charles Shellabur- ger, superintendent. The directors are A. A. Thomas, D. B. Corwin, R. I. Cummin, J. C. Peirce, L. A. Harris, P. E. Roach, N. L. O'Brien, and J. D. Ellison. The route of this road, which is named Route Num- ber 5, extends the entire length of Fifth Street.
The White Line Street Railroad Company was organized May 25, 1887, by the election of the following directors: J. A. MeMahon, M. A. Nipgen, J. E. Lowes, C. D. Iddings, and W. B. Iddings. The Board of Directors organized by the election of J. A. McMahon, President; J. E. . Lowes, Vice-President; C. D. Iddings, Secretary, and M. A. Nipgen, Treasurer. The capital stock of the company was $200,000, all of which was subscribed by May 25th. The company selected the Van Doepole
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system of electric motors for their line; and the right of way having been secured, proceeded with the work of constructing the line as rapidly as possible. The route selected was as follows: Beginning at the north end of Main Street at the corporation line; thence along Main Street south to Third Street, along Third to Ludlow; thence along Ludlow to Washing- ton; thence to Germantown Street, along Germantown Street to Eaton Avenne; thenee on Eaton Avenue to King Street, and thence north on King Street to Roseyard Avenue. The officers of this company are the same as those first elected.
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CHAPTER XXVI.
Insurance -- Early History of Insurance-First Company Organized in Dayton-Montgomery County Mutual Fire Insurance Company-Dayton Insurance Company -- Large Number of Companies Organized-Central Insurance Company-Miami Valley Insurance Com- pany-Farmers' and Merchants' Firo and Marine Insurance Company-Ohio Insurance Company-Other Companies-General Remarks.
F IRE and life insurance are of comparatively modern origin. The first companies organized to conduct insurance against fire losses were in England, and assumed practical shape only after the great fire in London in 1666. It is interesting to know that one company is still in existence in London and transacting the business of fire insurance, known as "The Hand in Hand," and is the oldest company in the world, having been organized in 1696.
Capital was at an early date in the history of Dayton attracted toward investment in insurance stocks, and has continued not only a favorite char- acter of investment, but has as well proved one of great profit.
The first company organized for the transaction of the business of fire insurance was The Firemen's Insurance Company. The charter was . obtained from the Legislature of Ohio in 1835, with a duration of twenty years. Early in June, 1835, the stockholders elected the following direct- ors: S. T. Harker, A. Grimes, John Rench, Thomas Barrett, David Steven- son, D. Z. Peirce, James Perrine, Valentine Winters, Ziba Crawford, Peter Bar, David Davis, and R. P. Brown. At a subsequent meeting, held June 5, 1835, the Board of Directors organized by the selection of Peter Baer, president pro tem, and D. Z. Peirce, secretary pro tem, and upon June 11th thereafter David Stone was elected president and Henry A. Pierson, scere- tary. The company continued in business during its then corporate ex- istence, and enjoyed an excellent reputation. Special effort seems not to have been exercised for business, but the affairs were satisfactory to its stockholders.
On the 12th day of April, 1856, the company was reorganized, and became incorporated under the laws of Ohio, with a capital of $100,000; and April 15th, at a meeting of the stockholders, the following gentlemen were elected directors: Henry Herrman, Andrew Gump, John F. Edgar. William L. Darrow. Valentine Winters, Samuel Marshall, Samuel Craig- head, Youngs V. Wood, and Daniel Kiefer. The Board of Directors organ-
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ized on the 21st day of April, 1856, clecting Samuel Craighead president; Jonathan Harshman treasurer, and D. W. Iddings, secretary. On the 2d day of February, 1857, the board passed a resolution to increase the capital stock to $200,000, and upon the 24 day of March following the stock was all subscribed, Semi-annual dividends were declared until 1865, when the first dividend was passed.
The laws of Ohio regulating the organization of fire insurance con- panies were very favorable, and the chances of fire loss were readily undertaken. The shares provided by law were twenty dollars cach, and only four dollars was necessary to be paid in cash; the balance of sixteen dollars was secured by the notes of the stockholders properly guaranteed by names and personal surety.
June Ist, 1868, the capital stock of the Firemen's Insurance Company was reduced from $200,000 to $100,000. The payment of dividends inaugurated at an carlier date in cash instead of being gradually applied to the stock notes, compelled this measure. September 3, 1869, the balance due upon stock notes was required by the directors to be paid in cash, which was promptly done. The success attending this action in the business of the company induced the directors to again change its capital stock from $100,000 to $250,000, which was fully consummated July 1, 1872. From that date to the present the capital stock of the company has not been changed, but its earnings have been placed to surplus, and its standing among the insurance companies of the United States has been a source of pride to parties interested in such subjects. Its earnings have been over two millions of dollars, its losses over a million and a half, and nearly twice its capital stock has been paid in dividends to it stock- holders. Of its organization, in 1856, Mr. Samuel Craighead and Mr. Valentine Winters yet remain to direct its affairs, and enjoy its success and prosperity. The wisdom of the selection of its president in 1856, has been demonstrated in the large and successful business transacted.
Mutual fire insurance seems never to have been prosceuted to a very great extent in Dayton. The principle of being dependent upon each other and assessing for losses as they might occur, attracted but one company.
The Montgomery County Mutual Fire Insurance Company was organized January 17, 1840, with William J. MeKinney, president, and E. J. Forsyth, secretary, and has continued in the business to this time (1889) with varied and not unsuccessful fortunes. Its capital depends upon the amount of the notes of the assured, and has varied. At this writing it amounts to about three hundred thousand dollars. Daniel Kiefer has been its president for many years, with D. W. Iddings its
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secretary, succeeded by his son, William B. Iddings, now holding the position. This company has been very conservative and careful in its management, and has enjoyed the confidence and patronage of Dayton and Montgomery County-the entire field of its operations- with very few losses and with benefits to all its patrons.
One of the oldest joint stock companies in the State of Ohio is the Dayton Insurance Company, organized February 2, 1851, under a special charter granted by the legislature of Ohio, March 5, 1851. The incorpora- tors of this company were Daniel Beckel, Joseph Clegg, William Dickey, Richard Green, William S. Westerman, Robert Chambers, and John Harries. The first officers were Daniel Beekel, president, and J. R. Dodds, secretary. In 1854, James R. Young was made secretary pro tem, and in 1855 he was made permanent secretary, Daniel A. Haynes succeed- ing Daniel Beckel as president. Mr. Young continued to act as secretary for twenty-five years, and will be remembered by our old citizens for his genial temperament and successful management. He was succeeded by Captain J. Harrison Hall, who continued with the company with Hon. D. A. Haynes in the presidency until 1885, when Hon. Lewis B. Gunckel became its president with Lewis J. Judson, secretary, the present popular and efficient officers. The capital of this company of $200,000 has never been changed, and its fortunate stockholders have garnered many choice dividends of one dollar per share semi-annually. The special charter, enjoyed by this company, gave it an early date prestige and it long con- tinued a special attraction to capitalists.
The decade of Dayton's financial history from 1860 to 1870 witnessed the organization of more fire insurance companies than any other city of the United States. The favorable law, under which organizations were effected, made it easy to associate gentlemen, who would readily embark their $20,000 and start a fire insurance company with a capital of $100,000. Many of them are to-day enjoying snecess and prosperity, yet the larger number of them succumbed to the inevitable. The passage of a law, and creating a State insurance department, to which all were obliged to make annual reports, required so much cash capital and pre- vented the old easy mode of making dividends out of the carnings and making no provision for the future or re-insurance, influenced many to re-insure their risks or business and pass out of existence. Our compa- nies in those haleyon days of casy ereation seem to have progressed as well as the large companies of the present time with their increased salaries, expenses, and difficulty of safely investing the large sums of money composing their capital. The field of operations was thus confined principally to this portion of the State, and if the success of the companies
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