Springfield daily republic. [volume] (Springfield, O. [Ohio]) 1887-1888, 1888-04-18
THE SPRINGFIELD SAVINGS BANK.

An Inter esting sketch OF a Useful Institu'
ton What it Has Done and What 1t 1,
Yet to do.
To the Editor OF the Republic:
The recent death of VIM. S. Fields, presi
dent of the Springfield Savings bank and the
election of his successor, VS.. Wilson, make
this an appropriate time to review the past
success and future possibilities of the bank.
I hose who have not been noting from year
to year its steady growth, can scarcely
re alize what it has accomplished since Its
organization. 1t was started In modest
way, by the aid of friends, with q capital
stock of $50, 900, 200 hundred persons sub
scribing S1O0 each, they not knowing
whether it would prove to
BE A DONATION OR MERELY A LOAN.
The honor of its organization was due more
to the efforts of WIN. n. Whitley than to
any one person, although all the manufac-
turers. professional and business men, gave
it their active cooperation. 1t has been
fortunate in the past in its selection OF
presidents, cashiers and trustees; all have
been honest, careful, prudent men, and as
the result of their good management, the
sworn report made April 4, 1888, shows
deposits, surplus and profits to the amount
of SS3S, 1881. This is a grand showing.
and is larger than the cash capital of four
of our National banks. With continued
careful management, in few years its
deposits and surplus will exceed the cash
capital of all
OUR BANKS, WHICH Is 81, 100, COO.
The banks have been from the start
among its warmest friends. The early ac-
tion of the trustees placed them under ebli-
cations to divid equally among them,
according to their capital, the cash assets
OF the savings banks, the only condition be-
ing that they in turn would aid the savings
bank in like proportion, should 1t ever be-
come necessary. The older banks with
larger capital, could not but be pleased
with this arrangement, while the younger
banks with less capital could lind no fault.
they receiving In proportion to- their capi
tai.
1t is difficult to fully estimate the good
that has already been accomplished by the
savings bank, and we are safe in saying
that no other institution in our city has
done as much to encourage those In naoder-
ate circumstances and the industrial labor
ing part or our community. It's aim has
OttIl 10 sllIHulhlt dilu dlu tuCiu W cSCuiC
homes for themselves, and no doubt there
are hundreds of families with comfortable
homes today, who would be paying rent
ut for the savings bank. Other hundreds,
and many of them, too, can show bank
books with deposits running into hundreds
of dollars.
The number of patrons or depositors is
nearly four Thousand, and they average
S0nN Flhfa 10 q SnlQnSid chou.
ing. and fairly illustrates the good the bank
has done. and il also shows the number
who are willing to practice economy and
selfdenial- qualities all must learn in order
to become prosperous and selfreliant.
There is pleasure in the thought that so
large an amount as named above belongs
ate circumstances.
The present condition of the Savings
bank is such as IN make its future very
bright. 1t now occupies its own building,
valued at Sl4, 900. il has q surplus of SS4.-
07S 40 Its foundations are certainly well
Iaid-broad and solid. 1t now has accumu-
lated all the surplus thst safety requires, or
that the law allows. The surplus beyond
10 per cent. of the deposits must be dis
tributed TO the depositors. This, in the
shape of yearly dividends, with the per
cent, annual interest that depositors now
receive, will induce many others to become
patrons. 1t is to be hoped that its field of
usefulness will enlarge until it reaches all
who need its care and can be brought under
its influence. Not until this point is reached,
will 1t have fully accomplished its mission.
or meet the expectations of its organizers.
Within few years it is not impossible that
the number of depositors and amount Of
deposits can be doubled. This will no
doubt prove true, If IN the future annual
dividends are regularly paid. in addition to
the per cent. interest. A regularly in
creased business will not enlarge the pres
ent current expenses to any extent, If at
all; hence the net earnings will be enlarged
proportionately. 1t is to be hoped that the
aim of the new management will be to en-
large its usefulness, and to keep the ground
so well titled that two blades of grass may
grow where but one has grown in the past
This is the wish and desire of its
MANY FRIENDS.