Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1899-10-14


by banks Of paper which was legal
tender in all parts of the Union. The
bank was opened for business at the
southwest corner Of Lake aud Clark
streets. The charter officers and dircc-
tors of the institution were: President.
f.. Aiken: Vice President. Samuel NJ.
Nickersou; Cashier. Il. T.. Braisted:
Directors. T.. Aiken. y. W. Allerton. =.
q. n. Howard. Il. L. Hutchinson. sam
uel NJ. Nickersop, Tracy J. Bronson.
John Il. sherman. Byron Rice and Il. q.
Hail. In 1867 Mr.. Aiken died, and he
was succeeded by Samuel NJ. Nicker-
son. incumbent of the office since the re-
tlicmcnt of Secretary of the Treasury
Gage from the presidency. Mr.. Gage
was appointed cashier of the bank in
1SdS.
The great fire partly destroyed the
building occupied by the bank. but the
vaults were rescued from the ruins
with contents uninjured. Business was
resumed. with characteristic Chicago
enterprise. one week after the fire. and
with the ruins still smoking. After be-
ing awhile in temporary quarters the
bank went into quarters ut Washing
ton and State streets. After the fire
came the panics of '13 and - In lS6S
the banks capital had been raised to
S1.OOO.OO0. and upon the expiration of
the charter of the bank in 1889 1t was
| found that its reserve or surplus fund
amounted to 81 100000.
| In May. 1889. reorganization was
effected with a cash capital of $1,000,
600. Under the new regime Lyman j.
Gage became vice president and gen
| eral executive officer of the bank. At
til. same time the present commodious
building ut Dearborn and Monroe
streets was erected. In 1885 the bank
| had besides its capital of $3.OOO,OOO a
surplus fund Of SjOO.OOO and undivided
profits of 100000. The administration
of Lyman j. Gage was notably success
full and his ability In the field of finanr %
was recognized when he was called by
President Mckinley to accept the port
folio of the Secretary Of the Treasury.
The present officers and directors of
the bank are: President, samuel NJ.
| Nlckerson: Vice President. james u.
Forgan: Second Vice President. George
ID. Boulton: Cashier, Richard J. Street:
Assistant Cashier. Holmes Ioge: Sec.
ond Assistant Cashier, Frank y.
Brown: Directors. Samuel NJ. Nicker.
son. +. ID. Gray, Il. q. NickersOn,
George II. Smith. Norman Il. Ream,
James II. Forgan. =. W. Allcrton. Mel.
son Morris, Eugene s. Pike, \. A. Car.
pentcr and George. ID. Boulton.
Foremost among local banking insti
tutions in point of resources and growt.
Is the Illinois Trust and Savings Bank
Its home at Jackson boulevard and La
Sale street, across the street from tht
Board of Trade Building. IL one Of tn,
architectural features of this city, Tn,
idea of dignity and stability which tn,
magniccncc of the bank building con
veys fairly reflects the amount Of de
poslts held by this bank. According
to the latest report of the condition O
present u grand total OF S''::,337 900. 81
Few other banking institutions hay,
made such marvellous progress as tn,
recent history Of the Illinois Trust ars
Savings Bank shows. The deposit nc
count including savings, time and IL
mand deposits, amounts to the I'm
mcnse figure Of $55.03s, ,743.5S. tn
capital stock paid In aggregates 5000
OOO. the surplus fund $2.OOO.OOO, an'
undivided profits. less expense an,
taxes paid. adds another 81 800. $50. %
Loans issued on collateral sum ul
$3j. .22ji .67O.26.s Some idea may b
gained of the rapid growth of the banl
by the showing Feb. 13, 1897, when tn
deposits amounted to $25, ,7S3,S2O, o
S31 100000 less than they were OH tn
date of the last official report.
The Illinois Trust and Savings Banl
was organized May Z, 1873, ana begal
business mt the northwest corner q
Madison and Market streets. The cap
tai stock was S1OO,OOO, and the frs
President was l.. B. Subway. In 1875
change was made in the location +
Clark street. between Washington I'M
Madison; the rapidly increasing bus
ness OF the bank made another remOv;,
, to larger quarters necessary In 1875
when the building occupied by the oil
Fidelity Bank became the home Of thi
institution. During 1878 President Sid
way retired and ii. q. Powers assume
control Of the affairs of the bank. MI
, Powers remained In charge until 1S0'
when John j. Mitchell was elect,'
President. Under the latter's admins
, tration the bank Immediately exper
! cnced unprecedented growth. and til
deposits soon increased to $1,OOO,OO'
:, BY 1SSS the capital stock had increase
!. to S2,OOO,OOO and surplus of $500
a., 600 had been accumulated.
\ Another removal was then made he,
. essary by the increase In business an
:. the ground floor Of the Rookery wa
taken. This place was commOdiOu
q but the expansion Of business 500
O compelled President Mitchell and Il
:. directors TO look about for still larg,
quarters. 1t was determined to ere'
- a substantial home for the bank on ii
=. site of the Grand Pacific Hotel, part
;. which was torn down to make way T,
\. the present beautiful structure. In tn
:, building the banking, trust and safe,
al deposit departments have ample roOI
The equipment and interior arrang
10 ment of the building are among II
: best In the world.
10 The present officers and directors
g. the bank are: President, John
!. Mitchell; Vice President, VIM.