GREENE COUNTY, OHIO - 675 FINANCIAL CONTRIBUTION OF GREENE COUNTY TO THE WORLD WAR. It has been stated that Greene county. up to April 1, 1918, had furnished approximately five hundred men for service in the great World War, but those who are remaining at home are also doing their share to make the world safe for democracy. Three successive Liberty Loans have been ordered by the government and Greene county has exceeded its quota on each occasion. The first loan was subscribed to the amount of $300,000; the second loan found $680,000 in Greene county ready to help the country ; the third and last loan reached approximately $500,000 in the county. This indicates that the county has bought considerably more than a million and a half dollars worth of Liberty Bonds. In addition to this large amount the county raised more than $30,000 for the Red Cross, and contributed more than its quotas to the Young Men's Christian Association drive and the War Chest fund. The Knights of Columbus have also raised considerable money in the county for war purposes. Furthermore the county has been apportioned $580,000 to be raised during 1918 by the sale of War Saving Stamps and Thrift Certificates, which means that the county will have to sell a little more than $10,000 worth each month in the year. There is no doubt that the close of the year will see the full amount sold. Finally, it must be said that Greene county is ready and willing to do its part in every way to bring this World War to a successful conclusion. It is giving freely of its sons and of its money to the end that the government will have any army of sufficient size to force the war to a victorious end for the Allies and at the same time have the money to finance the undertaking. CHAPTER XXXVII. BANKS AND BANKING. There was little need of banks in the first half century of the existence of Greene county. The people had very little specie and such banks as did exist prior to 1850 were largely banks of issue, few of them receiving money for deposit. They bought and sold the notes of other banks and their profits were in a great measure due to the shrewdness of their managers in guessing what notes would be worth buying and how long they could be held before selling them with any reasonable assurance of making a profit. In the days of "wild cat" banking, the banker and merchant had to consult a price sheet which showed the fluctuating value of paper money from week to week, or from day to day. A n0te worth ten dollars 0ne week might be worth only half as much the following week, or, on the other hand it might be worth fifteen dollars. Such a thing as a stable currency was unknown; in those days the federal government had practically no control over the banks of the country. Any man with enough credit with a printer to get some notes struck Off could set up a bank. He did not need any money, and thousands of banks were started with no other capital than was invested in the printing of the paper they issued. It was not until the days of the Civil War that banking in the United States was placed on anything like a firm basis. If the people of Greene county did not have an abundance of "hard" money, they had a kind of currency which took its place. The paper money of the banks was called "wild cat" currency, while the term "shin-plaster" was also in current use and described the same kind of fluctuating currency. Merchants frequently issued paper money with their own name on it, in denominations as low as five cents, and it circulated at its face value in the immediate community—that is, as long as the merchant's credit was good. The farther the merchant's "shin-plaster" wandered from his place of business, the less valuable it became. A "shin-plaster" of a Xenia merchant in Columbus would probably not be accepted at all. Merchants also issued a species of "hard" money, minted from s0me cheap metal, which was called "token" money, the pieces being known as "tokens." The redeemable value of the "token" was stamped on it, but it, like the "shin-plaster," was dependent on the credit of the merchant issuing it. The merchant redeemed his "tokens" at their face value, and in many cases his "money" became in a sense part of the circulating medium of his community. Even to this day, this kind of "money" is issued by some merchants. Another method of providing a circulating medium of exchange was GREENE COUNTY, OHIO - 677 the issuance of what were known as "due bills," which, in effect, were the same as "tokens" and "shin-plasters." It must not be understood that there was no specie of the government in circulation, but it was very limited and so limited, in fact, that the custom arose of actually cutting up the coins to represent smaller fractional values. Silver dollars were cut into nine pieces, sort of triangular shaped, with the sharp point tapering toward the center of the coin. The pieces thus cut off were called "sharp-shins." It /was also customary to cut the twenty-five cent piece into two pieces, the resultant pieces being known throughout the western states as "bits," a word which is still in current use. Frequently, even the "bit" was halved, and -the early treasurers of Greene county took over many a six-and-a-quarter-cent piece as part payment in taxes. The local records of the commissioners bear constant witness to the fact that the pioneers of the county cut their money into pieces. Scarcely a tax-payer in the county but found his annual bill to the county treasurer with a fractional cent thereon. BANK OF XENIA. The first bank of the county concerning which definite information has been preserved was known as the Bank of Xenia. It opened for business on June r, 1835, with the following officers : President, John H. Hivling; vice-president, John Ewing; cashier, Henry Clark. Later E. F. Drake became cashier. The bank was started as a private enterprise and so continued until 1846, when it was reorganized, under a newly enacted act of the General Assembly, with the new name of Xenia Branch of the State Bank of Ohio. Abraham Hivling became the first president of the bank upon its reorganization, while E. F. Drake was continued as cashier. Drake resigned in 1848 and his place was filled by J. W. Merrick, who had been connected with the bank as teller. Upon the death of Merrick, John B. Allen became cashier. The bank continued a successful career until it was reorganized under the national banking act of 1862 and became the First National Bank. Upon the expiration of its charter at the end of twenty years, it was reorganized as the Xenia National Bank, the name by which it is still known. SECOND NATIONAL BANK, XENIA. The Second National Bank, of Xenia, was organized on March 7, 1864, with a capital stock of $100,000. The first officers were as follow James Allison, president ; David Millen, vice-president ; John S. Ankeney, cashier. Allison died in August, 1864, and Thomas P. Townsley was elected president, a position he continued to hold until 1884. Ankeney was cashier of the bank during its existence. Robert Lytle entered the bank as book- 678 - GREENE COUNTY, OHIO keeper upon its organization, awl was .promoted from time to time until he became teller. When it was found that the bank was in serious financial difficulties in 1884, Lytle, although he protested that he felt unable to straighten out the affairs of the bank, was elected cashier. He struggled for four years to put the bank on a firm basis, but he was unsuccessful, and in 1888 it closed its doors. CITIZENS NATIONAL BANK, XENIA. The Citizens National Bank, of Xenia, was organized in 1881 with a capital stock of $100,000. The first directors of the bank were J. W. King (president), John Little, E. H. Munger, Dr. Leigh McClung, J. D. Edwards, H. H. Eavey, and J. H. Harbine. The bank opened for business in November, 1881, in a rented building on Greene street, but has since purchased the building at the corner of East Main and Greene streets, where it is now located. The present officers are as follow : H. H. Eavey, president; R. S. Kingsbury, vice-president; M. L. Wolf, cashier ; T. D. Kyle, assistant cashier. The directors are H. H. Eavey, R. S. Kingsbury, H. L. Smith, Henry Getz, George Galloway, S. B. LeSourd and R. D. Adair. The bank has been unusually prosperous, a fact which is evidenced by the fact that its resources are near the million-dollar mark. The bank now has a surplus and undivided profit of $125,000, with deposits of $750,000. THE COMMERCIAL AND SAVINGS BANK COMPANY, XENIA. The Commercial and Savings Bank Company, of Xenia, was organized on June 18, 1906, by H. H. Conklin, Ed. S. Foust, C. L. Babb, W. L. Miller, A. E. Faulkner, R. R. Grieve and C. M. Austin. Its first officers are still serving in the same capacity, there not having been a change in the twelve years of the bank's history. They are as follows: President, H. H. Conklin; vice-president, Ed. S. Foust; cashier, C. L. Babb. The directors include these three officials and W. I. Miller, A. E. Faulkner, R. R. Grieve and C. M. Austin. The bank is located in the Allen building at the southwest corner of Detroit and Main street. The bank statement of March 4, 1918, shows that it is in a flourishing condition : |
RESOURCES |
|
|||
Loans on Real Estate Loans on Collateral Other Loans and Discounts Overdrafts U. S. Bonds and Securities not included in Reserve (Items 5, 6, 7, 8) State, County and Municipal Bonds not included in Reserve |
$101,594.03 31,530.00 146,160.54 289.00 6,000.00 102,751.27 |
Premiums on Bonds and Securities Furniture and Fixture Due from Reserve Banks Exchanges for Clearing House Cash in vault (Items 18, 19, 20, 21) Bonds held as lawful reserve Total |
$148,715.44 3,862.71 26,196.31 |
1,291.80 7,000.00 178,774.46 $575,391.10 |
GREENE COUNTY, OHIO - 679 |
||||
LIABILITIES. |
Demand Certificates of Deposit Certified Checks Time Certificates of Deposit Savings Deposits Total Deposits Total |
39,709.92 19,363.93 101,731.57 21,401.06 |
516,654.75 $575,391.10 |
|
Capital Stock Paid in Surplus Fund Undivided Profits less Expense: Interest and Taxes Paid Individual Deposits subject to check (Items 34, 35) |
$ 50,000.00 4,000.00 4,736.35 $334,448.27 |
FARMERS AND TRADERS BANK, JAMESTOWN.
The Farmers and Traders Bank of Jamestown is one of the oldest financial institutions in the county. Established in August, 1867, with a capital stock of $50,000, it opened its doors for business on the 1st of the following October. The first officers were as follow : L. L., Syphers, president ; John Davis, vice-president ; Morris Sharp, cashier. Several changes have taken place in the board of directors during the past half century, but one director and official, John C. Brown, who entered the bank in 1870, is still with it. He was elected cashier in 1870, served in this capacity for many years, and was eventually elected president, a position which he still holds. Few men in the state have been actively connected with a banking institution longer than Mr. Brown. A. G. Carpenter is now vice-president, and R. J. Moorman is cashier. The bank started business in a rented building on East Washington street, but as the years went by and its business increased, it felt the need of a new building. Accordingly, it erected the substantial building which now stands at the corner of Washington and Limestone streets, and here it maintains its quarters at the present time.
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,
680 - GREENE COUNTY, OHIO
in the room now occupied by Andrew Jackson, the township clerk. It remained 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 hi9 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 additional 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 arid 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 0n 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 |
RESOURCES |
U. S. Revenue Stamps Total |
143.00
$615,606.48 |
|
Loans on Real Estate Loans on Collateral Other Loans and Discounts. Overdrafts U. S. Liberty Bonds not included in Reserve (Items 5-6-7-8) State, County and Municipal Bonds not included in Reserve Other Bonds and Securities Furniture and Fixtures Other Real Estate. Due from Reserve Banks Exchanges for Clearing Cash in Vault Items 18-19-20-21 |
$ 25,000.00 70,320.00
201,860.81
3,133.82 30,000.00 21,569.72
44,244.40
1,750.00
9,200.00
187,221.85
588.25
11,544.63 |
LIABILITIES. |
|
Capital Stock Paid in Surplus Fund Undivided Profits less Expenses, Interest and Taxes Paid Individual Deposits subject to check Items 34-35 Demand Certificates of Deposits Special Deposits Savings Deposits Total |
$ 50,000.00
12,000.00 2,012.28 379,367.91
26,468.70
38,628.55
107,129.04
$615,606.48 |
RESOURCES. |
LIABILITIES |
||
Loans and Discounts Overdrafts Bonds and Stocks Premium on Bonds Banking House Furniture and Fixtures Collections in Transit Cash and Exchange |
$156,263.70 80.11 86,403.29 46.00 7,500.00 2,500.00 2,300.00 186,343.68 |
Capital Stock Surplus Undivided Profits Deposits |
$ 25,000.00 20,000.00 2,903.59 393,533.19 |
Total |
441,436.78 |
Total |
441,436.78 |
RESOURCES. |
LIABILITIES. |
||
Loans and Discounts Overdrafts, unsecured U. S. Bonds to secure circulation (par value) U. S. Bonds and certificates of indebtedness owned and unpledged Liberty Loan Bonds, unpledged Bonds and Securities pledged as collateral for State, or other deposits, etc. $ 10,000.00 Securities other than U. S. Bonds, etc 126,272.5 Total Bonds, Securities, etc. Stock of Federal Reserve Bank (50 per cent subscription) Furniture and Fixtures Lawful Reserve with Federal Reserve Bank Cash in vault and net amount due from national banks Net amount due from banks an bankers Checks on banks located outside of city, etc. Redemption Fund with U. S. Treasurer and due from U. S Treasurer Total |
$164,515.16 176.65 25,000.00 3,000.00 7,413.62 136,272.50 900.00 3,000.00 30,488.88 141,857.09 3,014.68 33.80 1,250.00
516,922.38 |
Capital Stock Paid in Surplus Fund Undivided Profits Circulating Notes outstanding Individual Deposits subject to check Certificates of Deposit due in less than 30 days, Cashier's checks outstanding State, County or other Municipal deposits secured by pledge of assets of this bank Dividends unpaid Total |
25,000.00
5,000.00
6,055.45
25,000.00 354,515.47 80,324.58 6,252.75 14,768.13 6.00 $516,922.38 |
RESOURCES |
LIABILITIES. |
||
Loans and Discounts Overdrafts U. S. Bonds Liberty Loan Bonds Federal Reserve Bank Stock Bonds, Securities, etc. Banking House, Real Estate Furniture and Fixtures Due from National Banks Collections in Transit Due from Federal Reserve Bank Cash Five Per Cent Redemption Fund Total |
$116,929.37 412.13 10,000.00 1,200.00 950.00 2,550.00 4,750.00 2,600.00 30,307.47 4,900.00 9,812.94 3,050.67 500.00 $187,962.58 |
Capital Stock Surplus and Profits Circulation Dividends Unpaid Deposits Total |
$25,000.00 6,993.04 10,000.00 183.00 160,000.00 $187,962.58 |
ASSETS |
LIABILITIES |
||
Running Stock Paid-up Stock Deposits Books Undivided Profits Reserve Fund |
$1,097,540.26 22,200.00 367,614.09 2.50 7,805.98 40,950.00 |
Real Estate Loans Expense Furniture and Fixtures Insurance and Taxes Paid Cash |
$ 9,434.00 1,516,552.78 1,193.93 350.00 538.73 8,043.39 |
Total |
$1,536,112.83 |
Total |
$1,536,112.83 |
ASSETS. |
LIABILITIES |
||
Cash on hand Loans on mortgage security Loans on stock and pass-book security Loans on all other security Real Estate sold on contract Due from Borrowers for Insurance and taxes Bonds Deposits in other associations Other Assets Furniture and Fixtures |
$ 56,618.29 1,301,723.12 9,115.00 20,000.00 409.25 90.19 44,420.00 88,000.00 22.20 2,000.00 |
Running Stock Paid-up Stock and Dividends Deposits and Accrued Interest Reserve Fund Undivided Profits |
1,052,465.63 282,780.20 130,072.09 47,700.00 9,380.13 |
Total |
$1,522,398.05 |
Total |
$1,522,398.05 |
84 shares Little Miami 4 shares Little Miami 1,000 shares Columbus & Xenia 28 shares Columbus & Xenia 51 shares Columbus & Xenia 200 shares Dayton & Xenia 100 shares Dayton & Xenia 100 shares Dayton & Xenia 100 shares Dayton & Xenia |
$ 4,200 200 $50,000 1,400 2,550 $10,000 5,000 5,000 5,000 |
$ 4.400 53,950 25,000 |
Total shares of railroad stock |
$83,350 |
In addition to the stock owned by the county to the amount 0f $83,350, it also owned $8,600 worth of bonds issued by the Columbus & Xenia railroad. This brought the total railroad investment of the county up to the respectable sum of $91,950. Listed with all these stocks and bonds, and showing that the county had confidence in at least one turnpike company, are twelve shares of stock, par value of $50, in the Cincinnati, Lebanon & Springfield Turnpike Company, with a total value of $600. This schedule of the stock
GREENE COUNTY, OHIO - 699
and bonds owned by the county was filed with the county commissioners on October 8, 1858, the grand total being listed at the par value of $92,550.
ELECTRIC LINES.
In 1918 there are two electric lines running through Greene county : One from Dayton to Xenia and thence north through Yellow Springs to Springfield ; the other from Dayton to Springfield and passing through the towns of Fairfield and Osborn in Bath township in the extreme northwest corner of the county. Two other electric lines have been built in the county, but both are now a part of the past history of the transportation system of the county. One was known as the Rapid Transit, and connected Dayton and Xenia ; the other was a line from Dayton through Bellbrook to Spring Valley. The former was dismantled several years ago, while the Dayton-Spring Valley line was in operation until the winter of 1917-1918.
The history of the electric lines of the county goes back to the middle of the '90s. Strange as it may seem, there were two separate companies endeavoring to build a line from Xenia to Dayton at the same time, and both actually succeeded in getting their lines in operation. Both companies secured charters in 1895, but it was several years before they had their lines constructed, one being the present line between the two cities, the other being north of the railroads between the two places. The Rapid Transit line went out of Xenia by way of the fair ground and then wended a circuitous route across the country to Dayton. It was very appropriately called the "scenic route."
The company which succeeded in establishing itself permanently was the Dayton,. Springfield and Urbana Electric Railway Company, which company, because it took it so long to get its line in operation, was usually referred to as the "Damned, Slow and Uncertain" line. This company also obtained a franchise from the Greene county commissioners for the Dayton-Springfield line through the northwest corner of the county—the franchise bearing the date of November 4, 1895. Both lines between Xenia and Dayton were in operation by 1900, as was the line between Dayton and Spring Valley. The latter road opened for regular service on Monday, April 23, 1900. The Rapid Transit line was in operation several years, but it was seen that it was not a profitable venture and its promoters finally decided to abandon it. The same reason led to the abandonment of the line from Dayton to Spring Valley in the winter of 1917-1918.
The line from Xenia to Springfield was of later construction. The first trolley was put up on this line on January 20, 1902 ; the first track laid on |