History of Springfield, Illinois, its attractions as a home and advantages for business, manufacturing, etc. Pub. under the auspices of the Springfield board of trade, by J. C. Power.

ITS ADVANTAGES FOR MANUFACTURING. 73
real working capital of the bank $250,- Bank pays interest on long time deposits
000. By its last report its loans and dis- but has no savings department. Its
counts were about $500,000, and its de- officers are among the best known, and
posits about $400,000. most popular in the banking departIn connection with this bank there is ment. They are as follows: John Wila savings department, in which deposits liams, President; Elijah Iles, Vice Presito any amount are received on the terms dent; Frank W. Tracy, Cashier; John
usual with savings banks, and interest Williams, Elijah Iles, George N. Black,
allowed at the rate of six per cent. per A. P. Williams, C. W. Matheny, N. W.
annum. The bank also deals in foreign Matheny and J. C. Henkle, Directors.
exchange, and latterly has been paying SPRINGFIELD MARINE AND FIRE INSURspecial attention to the purchase and ANCE COMPANY was chartered with a
sale of county, city and township bonds, clause permitting it to transact a bankand negotiation of loans on real estate. ing business. It has never availed itself
The officers of the Ridgely National of any otlhr provision in its charter than
Bank are N. H. Ridgely, President; banking. Capital, $100,000, with a conCharles Ridgely, Vice President; Winm. tingent fund of $90,000.
Ridgely, Cashier. TIE SPRINGFIELD SAVINGS BANK was
J. BuNs's BANKING HOUSE.-Mr. Bunn incorporated by the General Assembly of
is one of the oldest bankers in this sec- Illinois, with special rights and privition of the State, and is one of the best leges, Feb. 28, 1867. Its capital stock
known business men in the city. Mr. was fixed by that act at $100,000.
Bunn began banking on the 1st of Jan- From time immemorial, institutions
uary, 1851, at the corner just east of his for the accumulation and custody of
present banking house, in the building money have been regarded as something
occupied by J. & J. W, Bunn, grocers. in which the rich only were or could be
In 1858 he erected the elegant bank build- interested. A century ago the thought
ing which he now occupies, on the south- that a man who did not count his wealth
west corner of the square, at a cost of by thousands, could have been interested
$25,000. The business transacted by in a bank would have seemed preposterMr. Bunn is very large and extensive in ous. The idea originated from pure
its various ramifications. benevolence, and in all their essential
FIRST NATIONAL BANK was organized features they are eleemosynary instituDecember 12th, 1863, and commenced tions. In the year 1798, some wealthy,
operations May 1st, 1864, with a capital benevolent gentleman in one of the manof 125,000. The capital was increased ufacturing districts of England, volunJuly 1st, of the same year, to $150,000, tarily offered to receive from working
and the following January to $200,000. people, in their neighborhood, such suims
On January 1st, 1871, it was increased to of money as could be spared from their
$400,000. It had on hand on the first earnings, and return the same at Christday of May, 1871, a surplus fund of mas, with the addition of one-third of
$65,000. the amount. This addition was not inThe business of this bank for the year tended as interest, for it is not likely
1870, shows an average deposit account those gentlemen made any use of it, but
of from $600,000 to $700,000. Amount it was merely a bounty for economy.
of money loaned during the year, about The circumstance, however, suggested
$2,500,000; number of persons to whom the thought of combining business with
loaned, about 800; average amount benevolence, and since that time Savings
loaned to each person, $3,000, and aver- Banks have been established in all civiage time, sixty days. The First National lized countries. Men who have made the