The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-04-01


had the good fortune to be presided over by
able and re~pons BILE men. in whom the most
unbounded confidence could well be placed
The present officers are no exception to this
rule. all being gentlemen Of wealth, extended
experience in banking. and excellent rePuta-
ton Among it's stockholders are such men
As Robert Bayard and John Quincy Adams.
Of New York. The trustees and officers
will be recognized Is among the leading eiti-
Eens Of Chicago. The trustees are rs follows;
William Ii. Turner, David ID. Spencer. Z.
q. Buckley, d. 5. Smith, A. ID Guild. Dan
lel Goodwin, Jr.
The officers are:
ID. l.. Spencer, President.
DIR. d. 5. Smith, Vise President.
A. ID. Guild, Cashier.
q. G. Buckley, Assistant Cashier.
1t is hardly necessary for the ADVOCATE to
explain
| THE ADVANTAGES
that accrue to the Savings bank deposition
how he is encouraged and instructed in habits
Of economy and industry, and taught an easy
way of laying by fortune. The State Saw
ings receives money ON deposit in any
amount from ) cents upward, Tor which it
pays per cent. interest, compounded semi
annually. The surprising rapldity with
which sum thus placed accumulates can
hardly be appreciated even after 1t Is shown
by actual demonstration. OF course it is un-
derstood that the bank, with its great oppor-
tunities for loaning large sums Of money upon
perfectly reliable security. obtains . higher
rate of interest than it pays the deposItor
This must necessarily be the case, tor were
it otherwise the savings bank could not exist.
The bank loans only upon the most undoubt-
ed security.
AN IMPORTANT FEArURk
Of the State Savings loan department is the
custom OF loaning, free Of commissions, to its
depositors for the purpose of assisting them
to purchase or improve their homesteads.
Heretofore laborers aud men Of small means
have not been able without great difficulty
and considerable extra cost to borrow small
sums Of $500 or $500 to improve the home
which they have been fortunate enough to Sc
cure but the State has rendered this not
only possible but easy by loaning to its de-
positors, and practically giving them the
difference between what the bank asks and
what it pays its depositors. These small
loans on good residence property afford the
very best class Of security, aud one Of ITS
best recommendations is the fact that Eastern
savings banks, seeing the example of the
State Savings Institution, have begun to loan
in small sums to their deserving depositors,
assisting them to help themselves.
The BUILDING
Of the State Savings Institution is one of the
grandest architectural achievements resulting
from the reconstruction following the great
fire. The old building which stood on the
site of the present one, at Nos. 80 and 81
La Sale street. was a beautiful structure,
but the new one is much handsomer and
more solidly built, being admirably adapted
by its sOlidity and fire proof construction for
the safe keeping Of the treasure which lies
within its walls. 1t is As by 100 feet in d.
mansions, four stories IN height, and cost
$3.50, 600 The greatest care was exercised
z
ton was superintendent personally day by
day by one Of the officers of the bank. and
the result is that it was substantially and
economically built.
| TIE sAFE-DEPosIT VAULTS.
During the past year the officers Of the
bank, seeing the necessity that existed In
Chicago for a safety depository that should
/ combine all of the latest discovered eiemeuts
of safety from burglars and fret two
mighty enemies of accumulated wealth, RE
solved to make use of the opportunities which
the builders of the States Savings Institution
wisely provided by the erection Of safety de
post vaults that should be credit to the
city and a Gibraltar of strength Impenetrable
to burglars, and indistructible by tre. After
careful inspection Of the safety deposit
vaults Of Eastern cities, and after gaining all
the information on the subject afforded BY
the experience Of others, the erection Of the
vaults began under the direction Of the most
skillful vault-builders Of this country. Sew
eral months were employed in the work, and
ton after ton Of material, piece BY piece, found
its way into the comparatively small space
which the completed vaults now occupy. A
perfect idea Of the
TREMENDOUS sTkBFGTH
Of these vaults cannot be conveyed BY q news
paper article. But let the reader first bear
in mind that the outer walls Of the building
itself, four feet IN thickness and extending
down deep into the ground, are fire-proof
then let him understand that the safety vaults
within these walls are founded on several feet
Of solid rock, planted deep into the earth
that the walls of the vaults have . frame work
Of interlaying iron and chilled steel, several
inches thick, OVERLAPPING which and surround
ing every side Of the vaults are ribs of solid
railroad iron, and outside Of all several feet
Of solid brick and stone masonry that the
doors are massive blocks Of iron and steel
weighing six tons each, of the latest and most
approved construction, built with grooves and
lemons, which precludes the possibility Of
their being blown open BY gunpowder, and
furnished with locks Of kind which have
never been picked-we cay, let the reader
comprehend, If he can. all these safeguards
that have been placed against the encroAch-
ment Of fire and burglar. and he vii see what
little chance there is Of the vaults ever being
destroyed by fire or robbed. Bat the pre-
cautions Of the bank officers for the absolute
protection Of the valuAbles placed in their
vaults do not stop here. The vaults are
guarded night and day BY armed men, VIII.
are themselves ignorant Of the combination
of the vault locks and cannot enter them
selves, and who have instructions to stop the
entrance ct night Of everybody. In fact No
one man in existence can enter the vaults |
after they are closed 1t night. for the reason |
that the combination Of the locks Is 50 dis |
tributed among four Of the officers that each |
Of the four has to be present and perform his |
part Of the unlocking before the doors can be |
swung open ct all. A further precaution ex- |
lists in the telegraphic arrangement that has |
been perfected, connecting the vaults with |
the city police and fire headquarters, 50 that,
ia case Of unusual danger. q platoon Of police, |
or the whole fire department Of the city could |
be summoned there at a moments notice. II |
is difficult to conceive u any place OF safety |
Tor the deposit Of money, valuable papers,
iewelry. or valuabIes Of any kind that could |
be rendered more perfectly secure in every |
respect. Their strength ''woald laugh seige |
10 scOrn"