USA > Ohio > Greene County > History of Greene County, Ohio: its people, industries and institutions, Volume I > Part 72
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EXCHANGE BANK, CEDARVILLE.
The Exchange Bank of Cedarville has had a continuous history of twenty-six years in the town. In 1890 the W. J. Wildman Company started a private bank in Selma, and two years later moved the bank to Cedarville. When the bank was established in Cedarville in 1892 it was reorganized, Seth W. Smith, of Cedarville, becoming a stockholder with W. J. and L. H. Wildman. L. H. Wildman was the cashier and served as such until his death in 1899, when W. J. Wildman became cashier, with Oscar L. Smith, the son of Seth W. Smith, assistant cashier. At the time the Exchange Bank began operations, there was another private bank in the town owned by the George W. Harper Banking Company. This bank had had some difficulties at one time or another, and in 1896 the Exchange Bank bought out the Harper bank and since that year has been the only bank in the town.
The bank started in 1892 with a capital of $10,000, which was increased to $15,000 in 1899. The bank was at first located in the township building,
Capital Stock Paid in. $ 50,000.00
Certified Checks 19,363.93
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GREENE COUNTY, OHIO
in the room now occupied by Andrew Jackson, the township clerk. It re- mained there until 1905, when it located in its present quarters. This same year, 1905, saw a radical change in the history of the bank, the Wildman interest being acquired at this time by Seth W. Smith and his son, Oscar L., the latter becoming the cashier. Two years later, 1907, it was decided to increase the capital stock of the bank to $30,000. At this time George W. Rife and Oliver Garlough became interested in the bank, and L. F. Tindall came into the bank as assistant cashier. The bank continued to prosper and increased deposits from year to year, until in 1914 it was decided to increase the capital stock to $40,000 and apply for a charter as a state bank. The charter was received on July 17, 1914, and within a short time all the addi- tional capital stock was sold. In 1917 the capital stock was increased to $50,000, all of which has been paid in, the bank now numbering about forty stockholders.
W. J. Wildman was president of the bank from 1892 to 1905. Seth W. Smith served from 1905 to 1917, when he retired and since that time George W. Rife has been acting as president. Within the past year the bank has purchased the block at the northwest corner of Main and Xenia streets for a new location. It has sold its present quarters which it has owned for a number of years, and is preparing to raze the old buildings on its recently acquired lot and erect a large business block. The bank prides itself on the fact that it has sold more than its quota on each of the Liberty Loans in 1917 and 1918. The Third Liberty Loan apportioned more to the Cedarville institution than to any other bank in the county outside of Xenia. The bank can now call itself a half-million-dollar institution, its deposits on March 4, 1918, totaling $551,594.20. Following is the bank's statement for March 4, 1918:
RESOURCES
Loans on Real Estate $ 25,000.00
Loans on Collateral. 70,320.00
Other I,oans and Discounts. 201,860.81 Overdrafts 3,133.82
U. S. Liberty Bonds not included in Reserve (Items 5-6-7-8) .. . . 30,000.00
State, County and Municipal
Bonds not included in Reserve ... 21,569.72
Other Bonds and Securities 44,244.40
Furniture and Fixtures 1,750.00 Other Real Estate .. 9,200.00
Due from Reserve Banks 187,221.85
Exchanges for Clearing. 588.25
Cash in Vault Items 18-19-20-21 .. 11,544.63
U. S. Revenue Stamp 143.00
Total $615,606.48
LIABILITIES.
Capital Stock Paid in $ 50,000.00
Surplus Fund 12,000.00
Undivided Profits less Expenses, Interest and Taxes Paid. 2,012.28
Individual Deposits subject to
check Items 34-35. 379,367.91
Demand Certificates of Deposits .. 26,468.70
Special Deposits 38,628.55
Savings Deposits 107,129.04
Total $615,606.48
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GREENE COUNTY, OHIO
THE MIAMI DEPOSIT BANK, YELLOW SPRINGS.
The first bank in Yellow Springs was the Citizens Bank, which was established on November 1, 1888, and had a continuous career until it went into the hands of a receiver on July 13, 1905. S. S. Puckett was the cash- ier of this bank during its entire existence of seventeen years. It had its lean and its fat years, but its final year was so fraught with financial troubles that it was forced to suspend operations. It is not necessary in this connection to follow its career through the seventeen years of its active operation, and it is noticed only for the reason that it became, in a sense, the forerunner of the present Miami Deposit Bank, an institution which has been as successful as its predecessor was unsuccessful.
When the Citizens Bank was compelled to close its doors, it had de- posits to the amount of $30,000 on its books. The question was whether it should be sold or liquidated, and it was at this juncture that two interested citizens of the community decided to buy the defunct bank. These men were P. M. Stewart and Robert Elder. On July 13, 1905, they purchased from the receivers the former bank, the banking house and all its accounts, and at once opened a new institution under the name of The Miami Deposit Bank. It was operated as a private bank, with a capital stock of $10,000, until May 17, 1909, when a reorganization was effected by incorporating it as a state bank under the Ohio bank laws, with a capital stock of $25,000 and surplus of $1,000. The confidence of the people in a bank in Yellow Springs, which was badly shaken by the failure of the Citizens Bank, had by this time been largely restored, evidenced by the fact that the deposit account was slightly above $100,000 at the time of reorganization. The first officers elected at the reorganization of The Miami Deposit Bank were as follows: P. M. Stewart, president; Robert Elder, vice-president; W. J. Adamson, cashier ; directors, E. S. Kelly, F. M. Corry, Charles S. Hatfield, W. J. Adamson and P. M. Stewart. These officials have continued to serve in their respec- tive capacities up to the present, with the exception of Mr. Kelly and Mr. Adamson, both of whom have resigned. Mr. Stewart is now serving both as president and cashier. Robert Elder and John W. Larkins were elected to fill the places made vacant on the board of directors.
The bank is located on the east side of Xenia avenue in the two-story brick building which was purchased in 1909, the second floor being occupied by the Bell telephone station and a dentist's office. During the summer of 1916 a brick addition of one room with basement and heating plant, and a white enameled brick front was built, together with a complete remodeling of the banking rooms. Since 1910 the bank has increased its deposits nearly
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GREENE COUNTY, OHIO
four times, while the surplus and profits, which indicate the real worth of a bank, show a seven-fold increase.
.
RESOURCES.
LIABILITIES.
Loans and Discounts. $156,263.70
Capital Stock $ 25,000.00
Overdrafts
80.II
Surplus
20,000.00
Bonds and Stocks.
86,403.29
Undivided Profits
2,903.59
Premium on Bonds
46.00
Deposits
393,533.19
Banking House
7,500.00
Furniture and Fixtures .. 2,500.00
Collections in Transit.
2,300.00
Cash and Exchange.
186,343.68
Total
441,436.78 Total 441,436.78
THE FIRST NATIONAL BANK, OSBORN.
The First National Bank at Osborn was organized February 25, 1910, with a capital stock of $25,000, and the following officers: M. L. Finnell, president ; Charles H. Simms, vice-president; O. B. Kauffman, cashier. No change has been made in these officers since the establishment of the bank. H. M. Neff has been added as assistant cashier. The first directors included M. L. Finnell, Charles H. Simms, H. E. Froher, L. F. Creamer, C. C. Sloan, A. H. Smith, J. J. Whaley and J. M. Wilson. The bank opened its doors on April 1, 1910, in a rented building, the same in which it is still located. The bank's report on March 4, 1918, follows :
RESOURCES.
Loans and Discounts. $164,515.16
Overdrafts, unsecured 176.65
U. S. Bonds to secure circulation (par value) 25,000.00
U. S. Bonds and certificates of in- debtedness owned and
un- unpledged 3,000.00
Liberty Loan Bonds, unpledged .. Bonds and Securities pledged as collateral for State, or other deposits, etc. .....
$ 10,000.00
U. S. Bonds, etc ..... 126,272.50
Total Bonds, Securities, etc .. I 36,272.50
Stock of Federal Reserve Bank (50 per cent subscription) 900.00
Furniture and Fixtures. 3,000.00
Lawful Reserve with Federal Re- serve Bank 30,488.88
Cash in vault and net amounts due from national banks. 141,857.09
Net amount due from banks and bankers 3,014.68
Checks on banks located outside
of city, etc .. 33.80
Redemption Fund with U.
S. Treasurer and due from U. S. Treasurer 1,250.00
Total
$516,922.38
LIABILITIES.
Capital Stock Paid in. .$ 25,000.00
Surplus Fund 5,000.00
Undivided Profits 6,055.45
Circulating Notes outstanding. 25,000.00 Securities other than
Individual Deposits subject to
check 354,515.47
Certificates of Deposit due in less than 30 days. 80,324.58,
Cashier's checks outstanding. 6,252.75
State, County or other Municipal deposits secured by pledge of as- sets of this bank. 14,768.13
Dividends unpaid
6.00
Total
$516,922.38
7,413.62
GREENE COUNTY, OHIO
THE SPRING VALLEY NATIONAL BANK.
The Spring Valley National Bank was organized on September 12, 1905, with a capital stock of $25,000. The first officers of the institution were Fremont Miars, president; J. L. Harper, vice-president; W. W. Whiteker, cashier. These officers together with Homer Walton, C. H. Harris, W. G. Thompson and Moses Walton constituted the first board of directors. The bank opened for business on September 12, 1905, in a rented building, but it has since erected a building of its own at a cost of $4,700, the building standing on lot No. 4, Pike street. The present officers include the follow- ing : P. A. Alexander, president ; W. C. Smith, vice-president ; Charles Men- denhall, second vice-president; W. W. Whiteker, cashier; W. E. Crites, assistant cashier. The officers, with the exception of the assistant cashier, are on the board of directors, the other members of the board being Arch Copsey, James Crowl, S. V. Hartsock, G. M. Oglesbee and Homer Walton.
The bank statement of September II, 1917, follows :
RESOURCES.
Cash
3,050.67
Five Per Cent Redemption Fund. 500.00
Loans and Discounts $116,929.37
Overdrafts
412.13
U. S. Bonds 10,000.00
Liberty Loan Bonds. 1,200.00
Federal Reserve Bank Stock.
950.00
Capital Stock $25,000.00
Bonds, Securities, etc.
2,550.00
Surplus and Profits 6,993.04
Banking House, Real Estate
4,750.00
Circulation
10,000.00
Furniture and Fixtures
2,600.00
Dividends Unpaid 183.00
Due from National Banks
30,307.47
Deposits
160,000.00
Collections in Transit
4,900.00
Due from Federal Reserve Bank.
9,812.94
Total $187,962.58
LIABILITIES.
Total $187,962.58
BOWERSVILLE BANK.
The Bowersville Bank was organized in the fall of 1895 and opened its doors on November Ist of that year with the following officers: George N. Perrill, president; W. A. Bowermeister. vice-president; C. R. Ellis, cashier. Ellis was succeeded by A. L. Fisher in about a year, and the latter has continued in this capacity since that time. The original president and vice-president have remained at the head of the institution since it was or- ganized twenty-three years ago, a record which is probably not equaled in the county.
The bank started out with a capital stock of $20,000, only twenty per cent. of which was paid up, but the entire capital stock was later paid into the bank. The original stockholders included George N. Perrill, William Allen and Cyrus Hite, Dr. John Hussey, O. C. Hussey, Dr. John Sayrs, S. J. Fannon, F. L. ozley, William King, D. L. Reeves, J. F. Wilson. J. F. Zimmerman, J. G. Conklin, C. R. Ellis, W. J. Oglesbee and the firm of N. J.
683
684
GREENE COUNTY, OHIO
Bowermeister & Son. Since the organization of the bank in 1895 the fol- lowing stockholders have been added: A. B. Lewis, J. C. Early, K. M. Johnston, Alonzo Johnson and A. L. Fisher. Of the original stockholders Dr. John Hussey, O. C. Hussey, S. J. Fannon, William Hite and D. L. Reeves are deceased. J. C. Early, one of the later stockholders, is also de- ceased.
The bank has continued as a private bank and has enjoyed a steady growth. It has added a savings department, paying three per cent. on sav- ings deposits. The bank has built up a surplus of twenty-five thousand dol- lars during the twenty-three years of its existence. Being a private bank it does not make quarterly reports, but at its last yearly report at the close of 1917 it showed deposits of about $185,000.
The present officers are: George N. Perrill, president; W. A. Bower- meister, vice-president ; A. L. Fisher, cashier ; H. C. Fisher, assistant cashier. The directors are George N. Perrill, A. A. Hite, F. L. Oxley, F. L. Early, K. M. Johnston and A. B. Lewis. The quarters of the bank are in a leased building on East Xenia street, the banking rooms being fitted up with all the equipment for modern banking.
PEOPLES BANK, JAMESTOWN.
The Peoples Bank, of Jamestown, was organized in 1886 with the fol- lowing officers : J. G. Clemens, president ; N. G. Brown, vice-president; W. L. Clemens, cashier. The present officers are W. W. Johnson, president ; F. W. Ogan, vice-president; George R. Spahr, cashier.
THE IIOME BUILDING AND SAVINGS COMPANY, XENIA.
The Home Building and Savings Company of Xenia was organized on December 29, 1894, with a capital stock of $500,000, which was increased to $1,000,000, on February 2, 1900, and was again increased to $2,000,000 on June 15, 1915. It began business on January 12, 1895, in a building which it rented. Its first officers were: F. D. Torrence, president; J. F. Haver- stick, vice-president ; J. F. Orr, secretary and Marcus Shoup, attorney. Its first directors were A. S. Frazer, F. D. Torrence, O. K. Putman, J. F. Orr, F. E. McGervey, J. A. Dodds, S. S. Wilson and J. F. Haverstick. Its finan- cial stability is evidenced by the following statement of its assets and liabil- ities :
ASSETS.
LIABILITIES.
Running Stock.
$1,097,540.26
Real Estate $ 9,434.00
Paid-up Stock
22,200.00
Loans
1,516,552.78
Deposits
367,614.09
Expense
1,193.93
Books
2.50
Furniture and Fixtures.
350.00
Undivided Profits
7,805.98
Insurance and Taxes Paid.
538.73
Reserve Fund
40,950.00
Cash
8,043.39
Total
$1,536,112.83
Total
$1,536,112.83
685
GREENE COUNTY, OHIO
The company's present officers are: H. L. Smith, president; J. W. Prugh, vice-president ; S. B. LeSourd, secretary, and H. S. LeSourd, assist- ant secretary and attorney. Its present directors are H. L. Smith, William Sutton, J. W. Prugh, R. D. Adair, Marcus Shoup, George M. Stiles, John A. Dodds, A. S. Frazer and S. B. LeSourd.
PEOPLE'S BUILDING AND SAVINGS COMPANY, XENIA.
The People's Building and Savings Company of Xenia was organized on September 24, 1885, with an authorized capital stock of $200,000, which was increased to an authorized capital of $3,000,000, on. March 2, 1909. It opened its doors for business on October 10, 1885, in a rented building. Its first officers were as follow: A. M. Stark, president; J. R. Blackburn, vice-president ; D. B. Williams, secretary ; Robert Lytle, treasurer, and H. L. Smith, attorney. Its first directors were A. M. Stark, John C. Tiffany, John Lutz, William Smart, Charles Thompson, Henry Farrell and J. R. Black- burn. Since its organization nearly thirty-three years ago the company has enjoyed a substantial and continuous growth. The present officers are : Charles F. Howard, president; M. J. Hartley, vice-president; Thomas J. Kennedy, secretary; O. M. Whittington, treasurer, and Charles W. Whit- mer, attorney. The company rents the building at 18 East Market street, in which it carries on business. Its stability as a financial institution is set forth in its financial statement of June 30, 1917:
ASSETS.
Furniture and Fixtures 2,000.00
Total $1,522,398.05
LIABILITIES.
Running Stock I,052,465.63
Loans on all other security . .
20,000.00
Real Estate sold on contract ....
409.25
Deposits and Accrued Interest .. I30,072.09
Due from Borrowers for Insur- ance and taxes.
90.19
Bonds
44,420.00
Undivided Profits
9,380.13
Deposits in other associations.
88,000.00
Other Assets
22.20
Total $1,522,398.05
Cash on hand. $ 56,618.29
Loans on mortgage security. 1,301,723.12
Loans on stock and pass-book security 9,115.00
Paid-up Stock and Dividends .. 282,780.20
Reserve Fund 47,700.00
CEDARVILLE BUILDING AND LOAN ASSOCIATION.
The Cedarville Building and Loan Association was organized in Jan- uary, 1895, largely through the efforts of Andrew Jackson. The institu- tion was started with a capital stock of $200,000 and still operates with the same capital stock. J. H. Wolford was the first president and Andrew Jack- son was the first secretary-treasurer. Mr. Jackson has served continuously in the same capacity since the association was established. W. J. Tarbox is now president and A. Z. Smith vice-president. There are scores of the
686
GREENE COUNTY, OHIO
citizens of Cedarville who have been able to build homes with the help of he association. At the present time there are 179 stockholders, and a total of 244 running stockholders. The office of the association is in the town hall, Mr. Jackson, the secretary, conducting the business in connection with his duties as township clerk.
.
CHAPTER XXXVIII.
TRANSPORTATION-HIGHWAYS, STEAM AND ELECTRIC RAILWAYS.
The building of roads was one of the first problems that confronted the early settlers of Greene county. From the days of the now forgotten Pink- ney and Bullskin roads down to the present time the road problem has been one of the most important with which the taxpayers have had to deal. With the settlement of the county there arose the need for some means of com- munication between the different communities, and this need was met by the local authorities as fast as possible. It was natural for the first settlers to settle along the streams and rivers or along the old Indian trails.
The construction of roads and bridges has been in the hands of the county commissioners since the beginning of the county, although during .the past few years the General Assembly has provided a state highway de- partment which is taking over some of the duties of the once omnipotent commissioners, A study of the records of the county commissioners from the time of the organization of the county in 1803 down to the present time shows that more than half their deliberations have been concerned with the building of roads and bridges. Many of the sessions of the board have been wholly taken up with the consideration of new roads, the alteration of roads already established, the building of new or the repairing of old bridges, hearing of claimants for damages on account of new roads, overflowing streams or faulty bridges.
As might be expected, the roads in the county for many years after it was organized were little more than trails through the forests, over the hills, around the swamps. and across the prairies. Most of the earliest roads simply followed the old Indian trails and were usually just wide enough to allow the passage of one wagon, it being necessary in the thickly wooded parts to cut out here and there a wider place in the trail in order to allow two wagons to pass.
· In the building of roads there are many different factors to be taken into consideration, and certainly Greene county has had a number to con- tend with since the days when it laid out the first road. The fact that the county was heavily forested for the most part made the initial cost very expensive. Again, the county is crossed by a number of rivers and streams of considerable size, and their bridging has entailed a heavy expense on the county. The presence of rivers the size of the Little Miami and Mad costs
688
GREENE COUNTY, OHIO
the county thousands of dollars, not only to keep them bridged, but also to keep them free from obstructions. The early records of the commission- ers bear expensive testimony to the fact that frequent appropriations were made to remove obstructions from the Little Miami river, as well as smaller streams of the county. At the present time there are 3,200 bridges and culverts in Greene county, and the county surveyor, Joseph M. Fawcett, has a system by which he has every one of them tabulated. He keeps two record books for each township, one for the bridges and one for the culverts. In case there is a complaint about any particular bridge or culvert in the county, he can turn instantly to his records and tell at a glance the location, size, date of erection, condition at last inspection, etc., of the bridge or culvert in question. He keeps the same close tab on the roads of the county, and with a system of maps, is enabled to show at a glance the character of any road in the county. He also has a card index of the bridges and culverts of the county.
Greene county has 732.85 miles of roads, divided among the various townships as follows (exclusive of the roads in the incorporated towns and cities ) : Bath, 81.35 ; Miami, 56; Cedarville, 65.5; Ross, 55; Silvercreek, 48; New Jasper, 44; Jefferson, 55 ; Cæsarscreek, 53; Spring Valley, 64; Sugar- creek, 41 ; Beavercreek, 80.5; Xenia, 92. The road mileage of the towns and cities is as follows: Xenia, 22; Yellow Springs, 15; Osborn, 5.8; Cedar- ville, 4.63; Jamestown, 3.61 ; Spring Valley, 2.8; Bellbrook, 2.3; Fairfield, 2.27 ; Clifton, 1.59; Bowersville, 1.59; Alpha, .56.
Still another factor which confronts the road builder in Greene county is the character of the county's topography, it being decidedly rolling in many places and as decidedly swampy in others. For this reason there are many of the county roads which still follow the same general direction of the old Indian trails which they superseded. The Indians made their trails on the principle of following the line of least resistance, and the first settlers in many instances followed in their footsteps-and in many cases the auto- mobiles of 1918 are coursing down the path trod by the Indian centuries ago. The trail of the Indian was "corduroyed" by the county commission- ers in the '40s and macadamized only within the past few years. Following organization these came to be what were known as "state" roads and "county" roads, the former being those which extended beyond the limits of the county and the latter those within the county. Undoubtedly the first state road in the county was the so-called Pinkney road, which, starting from Cincinnati, led northward through Hamilton and Warren counties and entered Greene county near the southwestern corner. The main street of the village of Bellbrook is coincident with this first road into the county, and from there it veered to the north and a little to the east, reaching the present village of Alpha in Beavercreek township. It will be recalled that
689
GREENE COUNTY, OHIO
the first court house of the county, the rude log cabin of Peter Bowers, was located at Alpha on Beaver creek. It was this Pinkney road which first opened the way from Cincinnati northward to Greene county; over its treacherous path, filled with stumps and swamps, came the first lawyers to Xenia; along it moved the patient ox-teams of the forefathers with their meager belongings; over it came the first supplies for the pioneer merchants of Xenia.
Just north of Alpha the Pinkney road was crossed by an east and west road, running from Xenia to Dayton, which was known in the early days as the "Beer road," a designation applied because there was so much beer hauled over its devious path. Another famous road of a century ago was known as the "Bullskin road," this being the first road into Xenia from the south. It was given its name because of the fact that it started from an Indian village of this name on the Ohio river.
TOLL ROADS IN THE COUNTY.
It is not certain when the first toll road appeared in America, but Penn- sylvania had one in 1792, and there may have been other colonies which had them even before that date. Ohio is credited with its first one in Trum- bull county as early as 1809. It is not certain when the first toll road ap- peared in Greene county, but they were in operation in the '30s. During that decade the General Assembly provided that county commissioners might assist in the building of turnpikes by purchasing stock in private com- panies. At one time Greene county was a network of these toll roads, and it cost as much to travel these pay-as-you-drive roads as it does to travel on steam or electric trains today. It was not until the '8os that the General Assembly abolished the law providing for public money to be expended through these private companies. In repealing the act allowing county com- missioners to appropriate money for toll roads, the Legislature made pro- vision whereby the commissioners could purchase the roads already in the hands of private companies. But it was not until 1910 that a law was passed which made it mandatory for all counties to take over all toll roads within their limits. Furthermore, the counties were authorized to issue bonds for this purpose if they could not otherwise provide the money for their purchase and there are a number of counties in the state that are pay- ing interest on bonds issued for the sole purpose of buying toll roads, and which in some counties extend until 1930.
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