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"History of Northern Wisconsin, 1881"

Banking

(-as transcribed from page 303)

The first bank was the Bank of Eau Claire, started in 1856. W. H. Gleason was president, and C. R. Gleason, a non-resident at that time, was cashier. C. M. Seeley, who, in October, 1858, removed to Meadville, Pa., did the business. Richard Wilson also had an interest in the bank. In October, 1858, Hall and Brother, non-residents, started their bank. Mr. Moon was the manager. Both of these institutions were banks of issue.

C. C. Spofford began banking in 1861. The firm became Spofford & Clark in 1866, and so continued until January 1, 1873, when the business was transferred to Clark & Ingram, whose bank, on the corner of Kelsey and Barstow streets, is still a flourishing institution, with a heavy business.

Bank of Eau Claire. -- The present bank came into existence in 1872. W. A. Rust and F. W. Woodward were the proprietors. In 1873, it was organized as the First National Bank, with a capital of $60,000. F. W. Woodward was president, W. A. Rust vice-president, George T. Thompson cashier. Its circulation has since been surrendered, and it has been organized anew, under the laws of the State, with the same officers, and the following gentlemen added as directors: H. H. Hayden, George B. Shaw, B. J. Churchill. Capital, $30,000, with a surplus of $5,000. To show on which side the balance of exchange rests, it is stated that the bank received in currency alone by express, in one year, $500,000.

The Chippewa Valley Bank. -- This bank was organized in June, 1876, with a capital of $50,000. Henry C. Putnam is president, and V. W. Bayless, secretary. This bank, in addition to its other business, has large real estate transactions.

State Stock Bank. -- This was one of the banks of issue at that time so common. It was owned by H. O. Perrin, of Marshall, Mich. The law regarding National Banks disposed of this institution.

Lumbermen's Bank. -- There was also a bank purporting to be located at Court Ourielles, the proprietors lived here.

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