USA > Ohio > Montgomery County > Dayton > History of the city of Dayton and Montgomery County, Ohio, Volume I > Part 60
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The officers for 1909, are as follows :
President, John E. Viot; Vice-President, Eugene Wuichet; Secretary, Wil- liam H. Kimmel; Assistant Secretary, John A. Case; Treasurer, Jonathan H. Winters ; Attorney, Edward L. Rowe; General Manager, S. Rufus Jones.
The president, vice-president, attorney and general manager, together with W. S. Hawthorn, E. F. Kimmel and Frank Wuichet, constitute the present board of directors.
When the association was 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 com- pletely revolutionized. Originally shares in this association were one hundred dollars each, but to handle large transactions and to meet the legal restriction that one person could hold only twenty shares, it was found necessary to make shares of five hundred dollars, one thousand dollars, and twenty-five hundred dollars each. Subsequently on the removal of the legal restriction referred to, all shares were made one hundred dollars.
Since 1880, the association has grown very rapidly in the city, as set forth by the following statistics :
Assets January Ist, 1880 $ 77,525.51
Assets January Ist, 1885 $ 714,628.25
Assets January Ist, 1890 .$1,734,541.61
Assets January Ist, 1895 .$2,229,598,78
Assets January Ist, 1900
.$2,643,450.53
Assets January Ist, 1905 $3,201,045.76
Assets January Ist, 1909 .$4,006,216.73
The annual receipts in 1880, amounted to one hundred and one thousand, eight hundred and sixty-five dollars and eighteen cents, while at the present time, time receipts average about three million dollars annually.
The association now receives straight deposits as well as payments on stock and the individual accounts number about seventeen thousand. This association has loaned the money to build several thousand homes in Dayton, in sums rang- ing from five hundred dollars to twenty-five thousand dollars, and on business buildings, in sums reaching as high as two hundred and 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 four per cent. Formerly interest was as high as ten
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per cent, whereas now it does not average over six per cent. Building associa- tions are patronized in Dayton to an extent which is phenomenal. This patron- age 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 on stock accounts, upon which dividends are paid according to what the association earns, but on deposit accounts sums as low as ten cents are received. For the past few years, the dividend has averaged five per cent, and four per cent is paid on deposits.
The rooms are open like every other business house, every day in the week, Sundays of course excepted, and also on Saturday nights. The patrons of the association are coming and going all the time, and constantly keep the officers and clerks at work.
The issuing of paid up stock certificates is a feature which is very popular in this association. These certificates are issued for even hundreds of dollars and the dividends on same are paid in cash twice a year-in January and July. This furnishes those who have a hundred or a few hundred dollars, a safe and con- venient place for investing the same, where the earnings are reasonably certain without the bother and risk of trying to loan the money to private individuals. Ordinarily any money placed with the association may be withdrawn without no- tice, but the association reserves the right to require notice if conditions make it necessary. The association also has the right to call in its certificates or other evidences of deposits, and pay to the holders thereof the money credited thereon. The exercise of this right, however, is not likely to occur and is only a precau- tion against the piling up of a large amount of idle money which cannot be loaned.
The advantages to those who desire to borrow money are numerous in dealing with a building association. The money may be drawn in installments, 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.
For many years, all loans were made on shares of stock, each borrower being required to hold and make payments on shares representing the full amount of his loan.
At the present time, however, loans are all made on a definite contract at a stipulated rate of interest, without regard to the number of shares held. Two forms of contract are used-one providing for monthly installment payments of one dollar on each one hundred dollars borrowed, the other being a straight loan for a specified period, with the interest payable semi-annually.
For the ordinary borrower the installment payment loan is recommended. The payment of one dollar per month on each hundred borrowed, enables the borrower to pay off his loan so gradually that there is no uneasiness on account of a note of considerable size falling due all at once. Each month takes care of itself and thus the burden is evenly distributed throughout the whole year. One dollar is the minimum payment on each one hundred per month, but larger payments may be made, and the borrower receives credit twice a year for all sums paid in excess of the interest. If payments of even hundreds are made, credit on the principal of the loan is made at once for such payments.
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Besides these obvious advantages, the entire loan may be paid off at any . time, and interest is charged only up to the date of cancelling 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 easily to be overestimated. 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. Since 1887, this association has been located on the ground floor at No. 26 North Main street, where it main- tains a large office force for the transaction of its business.
THE WASHINGTON BUILDING ASSOCIATION was organized in 1874 with a capi- tal of three hundred thousand dollars. Andrew Ritzert was president until 1877; Frank Bucher until 1882; August Wehner, until 1887; J. Joseph Stephan, until 1905; at which time Herman Soehner who had been secretary of the asso- ciation from the beginning, was made president and is now serving as such. At the organization, Alexander Mack was treasurer and C. L. Baumann, attorney. The present organization is as follows: President, Herman Soehner; Vice-Presi- dent, Joseph Mohr ; Treasurer, B. W. Drufner ; Secretary and Attorney, R. Otto Baumann. The president, secretary and treasurer, together with Joseph Kappeler, Fred J. Bascher and John V. Bucher, make up the board of directors for this year. Cash assets were one hundred and sixty thousand dollars.
THE PERMANENT BUILDING AND SAVINGS ASSOCIATION was organized in 1874, with a capital of one million dollars, which was subsequently increased to three million dollars. The officers since the organization, have been : Presidents, Con- rad Diehl, Louis Fry, Gustav Hodapp. Secretaries, Henry Cellarius and Joseph Straub. Treasurers, Henry Fry and Fred Ecki; Attorneys, C. L. Baumann and W. H. H. Ecki. The present organization is as follows: President, Gustav Hodapp; Vice-President, August Snyder; Treasurer, Fred Ecki; Secretary, Joseph Straub; Assistant Secretary, Lydia Cellarius; Attorney, W. H. H. Ecki. A list of the present board of directors, includes the president, secretary, treas- urer and H. F. Cellarius, Fred J. Cellarius, Edward G. Drust and E. J. Bunden- thal. This association now has assets amounting to six hundred and forty-four thousand, eight hundred and fifteen dollars and ten cents.
THE AMERICAN LOAN AND SAVINGS ASSOCIATION was organized under the building association laws of the state, February 22, 1875, with a capitalization of one million dollars. This capital stock was increased in 1891 to five million dollars.
. In common with other associations, there was a good deal of hard "sledding" during the earlier years of this company's existence, and while it enabled many hundreds of its members to obtain homes and was instrumental in doing much good. its progress in growth was slow, and at the end of the first nineteen years of its business, it had assets of only about two hundred thousand dollars. In Jan- uary, 1894, there was a partial reorganization of the management, new quarters were obtained for offices, some new and additional methods of promotion were adopted, and from this date forward the growth in assets was very rapid, until now the society has more than eleven thousand patrons, holds deposits of more than two and one-half millions of dollars, and is recognized as one of the most influential and reputable financial institutions in the city. It enjoys a large
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patronage from adjacent counties and is one of the five largest of the more than six hundred building associations in the state.
The first president of the association was Frank Folkamer, who, at the end of one year, was succeeded by William F. Gloyd, who has occupied the office con- tinuously until this time. The first secretary was Alfred Humphreys, who served as attorney also until the year 1884, when Charles A. Waltmire succeeded him. F. M. Compton, the present secretary and attorney, was elected to succeed Mr. Waltmire in 1894, and has served continuously since. The first treasurer was Peter M. Aulbaugh. In 1882, he was succeeded by James Clenney. He was succeeded by Frank Allen, who served until 1888, at which time he was suc- ceeded by Charles L. Hubbard, who served until 1894, when Thomas W. Gable was elected to that office. Samuel W. Davies succeeded Mr. Gable in 1905, and is the present treasurer.
For several years, the offices of this association were located on East Fifth street, and the association was known as an "Oregon" society. Later, it opened offices in the LaFee building on East Third street, where it continued until Feb- ruary, 1894, when it moved into its present quarters in the then new Davies build- ing, occupying the several corner rooms on the third floor.
The present officers are as follows: Directors: William F. Gloyd, S. W. Davies, John J. Hall, William F. Fackler, William R. Knaub, Edward A. Hoch- walt and F. M. Compton; President, William F. Gloyd; Vice-president, John J. Hall; Treasurer, Samuel W. Davies ; Secretary and Attorney, F. M. Compton.
FRANKLIN BUILDING AND SAVINGS ASSOCIATION was established April 20th, 1875. The first officers were elected May 25th following, at which time it was fully organized. The officers were: President, Louis Ritter; Vice-President, Christian Gross; Secretary, Louis Faul; Treasurer, Edward Pape; Attorney, J. L. H. Frank. The subsequent officers were as follows: Presidents, Louis Ritter, 1876 to 1880; Christian Gross, 1881. Vice-Presidents, Christian Gross, 1876 to 1880; Rudolph Borgneiss, 1881. Secretary, Louis H. Polk, 1876 to 1881 inclusive. Treasurer, Edward Pape, 1876 to 1881 inclusive. Attorney, J. L. H. 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.
THE FRANKLIN SAVINGS AND LOAN ASSOCIATION, formerly the New Frank- ling Building Association, was established May 9, 1879, under the name of The New Franklin Building Association, on the permanent plan, and was in- corporated with a capital of five hundred thousand dollars, which was later in- creased to one million five hundred thousand dollars. In October, 1909 the name was changed to the Franklin Savings and Loan Association. The first officers of the Association were as follows: President, L. Ritter ; Vice-President, John Danner ; Secretary, Louis H. Poock; Treasurer, John H. Trangenstein ; Attor- ney, C. L. Baumann. Since then various changes have occurred resulting in the present list of officers and directors as follows: President, C. F. Weinman ; Vice- President, Charles Nagel; Treasurer, Teutonia National Bank ; Secretary and Attorney, Carl L. Baumann. These officers together with J. Elam Artz, R. V.
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Burkhardt, Peter May and John E. Robert, constitute the present Board of Directors.
The assets of the association are seven hundred and twenty-eight thousand, nine hundred and ten dollars and forty-eight cents.
THE CENTRAL BUILDING ASSOCIATION was organized in 1875 with a capital of one million dollars. John S. Charch was its president from the date of organi- zation until 1888, when Edward Pape became president. After the death of Mr. Pape, William F. Brandt became president and is still serving as such. A. Ebel was secretary until 1887, since then that office has been filled by Joseph Schumacher. The office of treasurer was first held by M. Schneider, then Daniel Leonhard and afterward Gustave F. Giele, who is the present treasurer. Car] L. Baumann is the attorney. The assets of this association on January I, 1909, were three hundred thousand dollars. The president, secretary and treas- urer, together with H. W. Kaiser, Edward Pape, Jr., Emil A. Leonhard and Z. C. Shroyer, compose the present board of directors.
THE HOMESTEAD LOAN AND SAVINGS ASSOCIATION was organized under the name of The Homestead Aid Company in 1881, with a capital of two million dollars, which was later increased to five million dollars. The name of the com- pany was changed first to Homestead Aid Association and later in 1908, to The Homestead Loan and Savings Association. The officers have been as follows : Presidents-G. W. Kneisley until 1884, E. F. Sample until 1886, then T. B. Hanna and afterward Eli Fasold the present incumbent; Vice-Presidents- D. L. Rike until 1884, T. B. Hanna until 1886, and H. R. Groneweg until the present time ; Secretary-O. F. Davisson from the organization until the present time ; Treasurers-Third National Bank from the beginning until 1885, Charles Rench from 1885 until the present time; Attorneys-Jame's Linden until 1884, and O. F. Davisson from then to the present time. For a number of years Ellis J. Finke has served as assistant secretary. The assets are now one million, Board of Directors for 1909 are: R. T. Johnson, H. R. Groneweg, O. F. Davis- son, H. S. Gordon, J. Russell Johnston, Eli Fasold, and Dr. E. C. Davisson.
MONTGOMERY BUILDING COMPANY was organized in 1884 with a capital of nine hundred thousand dollars. The officers of the association were: President, Joseph Wellmeier ; Vice-President, John Aman ; Treasurer, Martin Popp, to 1886, and afterwards George H. Jeckering. C. L. Baumann was the attorney.
This association ceased to exist about 1891.
THE CENTENNIAL LOAN AND SAVINGS ASSOCIATION was organized in 1885, with a capital of one million dollars. Its officers were : President, Henry Dorn- busch ; Treasurer, John P. Lutz ; Secretary and Attorney, Sumner T. Smith. The affairs of the association were placed in the hands of a receiver about the year 1890, and its business was wound up through the courts.
THE EQUITABLE LOAN AND SAVINGS ASSOCIATION was organized in 1885, with a capital of five million dollars. The first president was Joseph E. Lowes who was followed by L. C. Evans and later by Thomas DeArmon, the present pre- siding officer. The first treasurer was M. A. Nipgen who was later followed by S. E. Kumler, the present treasurer. The secretaries have been : J. C. Turner, H. W. Surface and Louis Holtzinger in succession. The attorneys have been : first, C. D. Iddings, followed by W. B. Sullivan, C. H. Bosler and Charles D.
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Bronson in succession. The present board of directors is as follows: Thomas DeArmon, Maurice Costello, S. E. Kumler, Fred H. Rike, N. Thomas and H. C. Kiefaber. The assets are now about seven hundred thousand dollars.
THE WEST SIDE BUILDING AND LOAN COMPANY was incorporated in 1887 with a capital of one million dollars, which was subsequently increased to two million dollars. Officers at the organization were: President, Samuel L. Herr ; Treasurer, J. W. Booth; Secretary and Attorney, J. C. Patterson. The officers at the present time are: President, A. L. Sherer; Vice-President, Thomas M. Pexton ; Treasurer, Charles Rench ; Secretary, C. S. Billman ; Attorney, John W. Kreitzer. Directors for 1909 are Albert L. Sherer, Thomas M. Pexton, William H. Shank, John M. Withoft, F. M. Nipgen and William O. Horrell. The main office is located on the West Side, at the corner of Third and Williams streets, and a branch office is conducted in the office of the attorney, at the corner of Main and Second streets.
Total assets now are one million, two hundred and seventeen thousand dollars.
THE MIAMI LOAN AND BUILDING ASSOCIATION was incorporated February 7th, 1887, with an authorized capital of five hundred thousand dollars, which has since been increased to five millions.
Its purpose is to act as an organized medium in the handling of savings for the mutual advantage and profit of its saving and borrowing members, and especially to assist in the purchase of home sites and the building of dwelling houses.
The membership of the association amounts to six thousand, eight hundred and thirty-five, with deposits and reserve to July 1, 1909, of one million, eight hundred and thirteen thousand, six hundred and twenty-five dollars and twenty- four cents.
The officers are: President, P. E. Gilbert ; Vice-President, A. M. Kittredge ; Treasurer, Torrence Huffman ; Secretary and Attorney, C. J. McKee ; Assistant Secretary, E. F. Lipp; Directors, P. E. Gilbert, A. M. Kittredge, John Kirby, Jr., F. G. Withoft, S. W. Laymon, J. F. Gerber, and E. W. Hanley.
Offices are at rooms 4 and 5, Davies building.
DAYTON BUILDING COMPANY was organized in 1888, with a capital of two million dollars. The officers have been: Presidents, Edward Meissner and Peter Grimm; Secretary, Henry Kley; Treasurer, Frederick Kuebler; Attorneys J. L. H. Frank and W. H. H. Ecki. The present organization is: President, Peter Grimm ; Vice-President, Fred G. Miller ; Treasurer, Fred G. Kuebler ; Sec- retary, Henry Kley ; and Attorney W. H. H. Ecki. The president, vice-president, treasurer and attorney, together with Louis Strehler, M. Kalbfleisch, John H. Schaeffer, Henry Dhein and O. A. Frechafer, constitute the present board of directors.
The assets are about eighty thousand dollars.
THE GEM CITY BUILDING AND LOAN ASSOCIATION was organized in 1888 and began business on the second floor of the Callahan block on North Main street. The business developed rapidly and in 1897 the association moved to the ground floor room at No. 6 North Main street, where it has been located ever since. Early in 1909 the association purchased the entire building, part of which it had so long occupied, and will convert the property into a modern
-
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banking room adapted to its business. This building has been a financial center for more than a half century, having formerly been occupied by the Winters National Bank for many years. The first secretary was HIon. Charles W. Dus- tin, now judge of the circuit court, and since his election to the bench in 1896, the secretaryship has been held by Oscar J. Bard. The late William P. Callahan was treasurer of the association for many years, and his son, William K. Calla -- han, was its president until the time of his death in 1907. The present officers are: President, Thomas Elder; Treasurer, Joseph R. Gebhart; Secretary, Oscar . J. Bard.
The assets of the association, July, 1909, were two million, five hundred and thirty-one thousand dollars.
THE CITIZENS' BUILDING AND LOAN ASSOCIATION was organized in 1901 with an authorized capital of three hundred thousand dollars. The present officers are: President, C. B. Mather ; Vice-President, C. A. Lucius; Treasurer, W. D. Blaik; Secretary and Attorney, J. A. Wortman.
MECHANICS' LOAN AND SAVINGS ASSOCIATION was organized in 1888 with a capital of two million dollars. The officers of the association were : President, B. N. Davis; Vice-President, John Kiser; Treasurer, C. J. Moore; Secretary and Attorney, J. A. Wortman. The association wound up its affairs in 1895, and the business was transferred to The Buckeye Building and Loan Associa- tion.
BUCKEYE BUILDING AND LOAN ASSOCIATION was organized in 1893 with a capital of three million dollars. The officers at the beginning were: President, G. N. Bierce; Vice-President, J. L. Laymon ; Treasurer, Fred A. Moss and Secretary and Attorney, W. G. Beeghley. The officers at present are: President. Adam Schantz; Vice-President, Thomas H. Smith; Treasurer, J. Edward Sauer ; Secretary, O. P. McCabe ; Attorney, Charles W. Dale. These officers, together with Henry J. Kramer, Frank J. Bucher and Samuel K. Pine, compose the board of directors.
The assets of the association are seven hundred and twelve thousand, three hundred and forty-eight dollars and eight cents.
THE ENTERPRISE LOAN AND SAVINGS ASSOCIATION was organized in 1892 with an authorized capital of two million dollars. The officers at the organiza- tion were : President, Conrad J. Schmidt ; Secretary, William H. Schrock; Treas- urer, J. Edward Sauer; Attorney, John Roehm. The present officers are: President, Walter F. Phelps; Vice-President, William R. Craven; Secretary and Attorney, Harlow E. Spring. The board of directors is composed of the president, vice-president, secretary, and Dr. T. A. McCann, Henry A. Stout, Bernard F. Wendler and R. A. DeWeese. Cash assets, January 1, 1909, were four hundred and fifty thousand eight hundred and eighty-three dollars.
EDGEMONT BUILDING AND LOAN COMPANY was organized in 1903 with a capital of five hundred thousand dollars. The first officers were: President, Franklin Rice; Treasurer, Thomas Gable; Secretary and Attorney, H. A. Snepp. Officers for 1909 were: President, J. O. Shoup; Vice-President, J. L. Clark ; Treasurer, C. M. Hill; Secretary, J. C. Myers. These officers, together with W. M. Weekly constitute the board of directors. Present assets are eighty-three thousand seven hundred seventy-three dollars and forty-three cents.
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UNION BUILDING AND LOAN ASSOCIATION was organized in 1903 with an authorized capital of five hundred thousand dollars. The first officers were : President, Perle L. Sagebiel; Treasurer, Charles L. Hubbard; Secretary and At- torney, William G. Frizell. The officers for 1909 are: President, Harry J. Mc- Dargh ; Vice-President, Arthur D. Black; Treasurer, R. S. Wilcock; Secretary and Attorney, William G. Frizell. The Directors are: Scott Pierce, E. L. Gerber, Harry I. Schenk, Perle L. Sagebiel, Harry J. McDargh, Arthur D. Black and William G. Frizell. The assets are now about three hundred and fifty thousand dollars.
MONTGOMERY COUNTY BUILDING AND LOAN ASSOCIATION was organized August 7, 1908, with an authorized capital of five hundred thousand dollars. The officers at the organization were: President, George Buck; Vice-President, Howard R. Klepinger ; Treasurer, W. B. Gebhart; Secretary and Attorney, Lee Markey. Mr. Buck has been succeeded by George W. Bish as president. No other changes have occurred in the officers. The present Board of Directors are : Charles Sucher, Charles J. Olt, Howard R. Klepinger, George W. Bish, S. B. Kelley, John F. Boes and Ralph R. Chadwick.
THE DAYTON BUILDING AND SAVINGS ASSOCIATION was incorporated Aug- ust 27, 1909, with an authorized capital stock of five hundred thousand dollars. The officers are: President, William D. Huber ; First Vice-President, William E. Sparks; Second Vice-President, James E. Conley; Treasurer, J. Owen Britton ; Secretary and Attorney, Allen C. McDonald. The Board of Directors are: Wil- liam D. Huber, William E. Sparks, James E. Conley, J. Owen Britton, Walter B. Moore, Clifton H. Cord, George C. Albert, Frank C. Hubbell, William H. Burkhardt, G. E. Decker and Allen C. McDonald.
In round numbers about one-half of the entire population of the city of Day- ton is interested in building associations, either as depositors or borrowers.
The combined assets of the association are now in excess of twenty million dollars, and the fact that practically all this accumulation of money is loaned right in Dayton, to help build homes for the people, indicates what an important ele- ment these institutions are in the progress of the city.
There is no city in the United States where building associations have been so successful and popular as they have been in Dayton, and the man above all others who made this condition possible, was A. A. Winters. He it was who de- veloped and put into practice plans and methods which have revolutionized the business not only in Dayton, but also in the whole state of Ohio. Recognizing the debt of gratitude which was due him, the associations of the state united in erecting to his memory a granite fountain in Cooper Park at Dayton, which was dedicated during the meeting in Dayton of the State Building Association League in 1905.
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