THE FIRST NATIONAL BANK 
 OF CHICAGO
 
 '''"■' ."■ .^ •• -tl*"! iria isa J^ »*r «-_ _ 
 
 THE NEW BUILDING 
 
 As projected, from arcbitect's drawings.
 
 THE HISTORY 
 
 OF 
 
 THE FIRST NATIONAL BANK 
 
 OF 
 
 CHICAGO 
 
 PRECEDED BY SOME ACCOUNT OF EARLY BANKING IN 
 
 THE UNITED STATES, ESPECIALLY IN THE 
 
 WEST AND AT CHICAGO 
 
 Issued upon the occasion of the expiration of 
 its Second Charter, 
 
 HENRY C. MORRIS 
 
 UNDER THE AUTHORITY OF THE PRESIDENT AND 
 THE BOARD OF DIRECTORS 
 
 CHICAGO 
 
 R. R. DONNELLEY & SONS COMPANY 
 1902
 
 Copyright, 1902 
 
 By henry c. morris
 
 OFFICERS OF THE FIRST NATIONAL 
 BANK OF CHICAGO 
 
 President: 
 james b. forgan 
 
 Vice-Presidents : 
 
 david r. forgan george d. boulton 
 
 howard h. hitchcock 
 
 Cashier : 
 richard j. street 
 
 Assistant Cashiers : 
 
 holmes hoge august blum 
 
 edward dickinson frank e. brown 
 
 CHARLES N. GILLETT 
 
 Auditor : 
 
 FRANK O. WETMORE 
 
 FOREIGN EXCHANGE DEPARTMENT 
 Manager: Assistant Manager 
 
 JOHN E. GARDIN MAX MAY 
 
 BOND DEPARTMENT 
 Manager : 
 
 EMILE K. BOISOT 
 
 Attorney : 
 
 ORVILLE PECKHAM 
 
 Directors 
 
 SAMUEL W. ALLERTON 
 JOHN H. BARKER 
 ADOLPHUS C. BARTLETT 
 GEORGE D. BOULTON 
 WILLIAM L. BROWN 
 D. MARK CUMMINGS 
 DAVID R. FORGAN 
 JAMES B. FORGAN 
 
 Assistant Attorney 
 
 JAMES D. WOLEY 
 
 ELBRIDGE G. KEITH 
 SAMUEL M. NICKERSON 
 EUGENE S. PIKE 
 NORMAN B. REAM 
 GEORGE T. SMITH 
 JOHN A. SPOOR 
 WILLIAM J. WATSON 
 OTTO YOUNG 
 
 20030G4
 
 PREFACE 
 
 The purpose of this volume is more comprehensive 
 than at first glance may perhaps be apparent. The 
 story of any institution, organized under the provi- 
 sions of general legislation, must necessarily be com- 
 paratively uneventful. All national banks, created and 
 performing their functions by virtue of the same act, 
 naturally have a striking family resemblance; still in 
 many features they may be differentiated. The larger 
 corporations of the cities, on account of the volume 
 of their business and the influence which they recip- 
 rocally exert upon the communities in which they 
 exist, form a distinct class. Of them, again, a group, 
 claiming the greatest financial, commercial, and indus- 
 trial centers of the country as their domicile, merit 
 special notice. Their welfare is closely identified with 
 the prosperity of the nation; their progress measures 
 the development of its material resources, and every 
 disturbance in their constitution is felt throughout 
 the entire economic fabric of the land. As one of the 
 most important among these leaders, the First National 
 Bank of Chicago has achieved universal recognition. 
 Not only the magnitude of its transactions, but like- 
 wise its uniform success, and the uniqueness of many 
 of the details of its management, distinguish it as a 
 model product of the National Banking Act. As a typi- 
 
 vii
 
 viii Preface 
 
 cal illustration of the results effected by the activities 
 of modern finance it is noteworthy. In this aspect 
 especially, its history can be studied with admiration 
 and profit ; its record will always stand as a substan- 
 tial monument to the wisdom, prudence, and good 
 common sense of the men who have directed its inter- 
 nal economy ; its career will also ever be remarkable as 
 that of the sturdy champion of the highest ideals, and 
 the constant promoter of the best methods in the 
 science of banking. 
 
 The national banking system itself is the conse- 
 quence of long and strenuous efforts on the part of 
 the most experienced financiers of past generations. 
 The struggle to secure honesty, efificiency, and per- 
 manency in the banking institutions of the United 
 States has been arduous; the phases of the contest 
 have been as numerous as varied. The growth of 
 sound economic views in this country from the germs 
 of their origin is of peculiar interest. To sketch this 
 development briefly in connection with the narrative 
 of one of the most influential factors in the financial 
 body of the nation, it is believed, will not be without 
 value; it should prove an inspiration to the mainte- 
 nance, improvement, and evolution of the existing pro- 
 visions of law. With these views this volume has 
 been prepared. 
 
 To the reader many inferences may be suggested ; 
 some few deductions which it is thought will naturally 
 be drawn alone are presented. The most evident
 
 Preface ix 
 
 effect of the lengthy endeavor to solve the banking 
 problem is the slow but regular movement toward a 
 uniform system. The tendency in financial, not less 
 than in political, affairs in the United States has been 
 toward centralization, without at the same time the 
 sacrifice of individuality; the concentration of the 
 responsibility in the hands of a few ; the unification 
 of the interests of different sections of the land and of 
 all classes. With this amalgamation of industrial and 
 commercial enterprise the banking power of the coun- 
 try has been obliged to keep pace ; and with this pro- 
 gress additional strength has been achieved. From 
 institutions adequate to the needs of the state and of 
 the nation there has been a steady advance, until now 
 there is not lacking desire nor ability to serve the 
 wants of other poorer peoples, and to engage in pro- 
 jects of world-wide scope. 
 
 Another improvement of not less vital concern to 
 the domestic economy of the community is the sepa- 
 ration of banking and politics. The old-time existing 
 opinion that the one was coincident with the other 
 has been dissipated. The early discussions of finance 
 not only in America, but elsewhere, were largely sub- 
 ject to the bias of partisanship. That faction which 
 controlled the forces of the national bank, as it then 
 was organized, had a strong advantage in every cam- 
 paign. The debates in 1 862-64, ^t the time of the adop- 
 tion of the National Banking Act, reveal the prevail- 
 ing fear that a vast political engine was being planned;
 
 X Preface 
 
 that the Comptroller of the Currency would become 
 the most powerful officer in the country, and that he 
 would prostitute his position to political ends. How 
 groundless these misgivings were, the subsequent his- 
 tory of nearly forty years has shown. The divorce 
 between banking and politics is complete. 
 
 The inauguration of the national system was only 
 the first step in the introduction of safe and sound 
 economic theories. Uniformity in banking has inevi- 
 tably been a lesson of prime importance to the people. 
 Slowly and almost unconsciously they have been 
 taught that honesty in monetary legislation and abso- 
 lute protection against the schemes and projects of 
 unscrupulous speculators are the foundation-stones of 
 material prosperity ; starting from these principles, and 
 steadily erecting the superstructure in the same spirit, 
 they have, under these influences, won the respect 
 and admiration of rival powers. 
 
 In this brief outline it is, of course, only possible 
 to present the slightest sketch of these developments. 
 For the general historical portion of the work the 
 author is indebted for the requisite data to many 
 standard treatises; for the story of the First National 
 Bank itself, he has, through the kindness of the ofifi- 
 cers, had access to the original records; while finally, 
 the material for the biographies has been mostly sup- 
 plied him at first hand. To the representatives of 
 the bank, and to all others who have aided in the
 
 Preface xi 
 
 preparation of the book, for their manifold courtesies, 
 encouragement, and help, he desires to tender his sin- 
 cere thanks. May this little volume serve some good 
 end in the domain of which its subject forms a part ! 
 
 Henry C. Morris. 
 
 Chicago, June i, 1902.
 
 CONTENTS 
 
 PART I 
 
 GENERAL BANKING HISTORY 
 
 CHAPTER PAGE 
 
 I. Early Banking in the United States - - 3 
 
 II. Western Banking under State Laws - - 19 
 
 III. The Inception of Chicago Banking - - - 26 
 
 IV. The National Banking Act - . . . 36 
 
 PART II 
 HISTORY OF THE BANK 
 
 V. History of the First National Bank under 
 
 its First Charter (1863-1882) ... - 49 
 VI. History of the First National Bank under 
 
 ITS Second Charter (1882-1902) - - - 76 
 
 PART III 
 VII. The Union National Bank 107 
 
 PART IV 
 
 VIII. The Metropolitan National Bank - - 117 
 
 PART V 
 IX. The New Bank Building 125 
 
 PART VI 
 Biographical 133
 
 Contents 
 
 PART VII 
 
 APPENDICES 
 
 CHAPTER PAGE 
 
 1. List of Members of the Board of Directors 
 
 (1863-1902) 193 
 
 2. List of Officers Since 1863 194 
 
 3. Statement Showing Dividends Declared - - 196 
 
 4. Statements of Condition as Shown by Reports 
 
 TO THE Comptroller of Currency, 1863-1902 - 199
 
 ILLUSTRATIONS 
 
 Opposite 
 Page 
 
 I. The New Building - - - Frontispiece 
 
 As projected, from architect's drawings. 
 
 II. Edmund Aiken 49 
 
 The First President. 
 
 III. The First Building - - 54 
 
 Southwest Corner La Salle and Lake Streets. 
 
 IV. Samuel M. Nickerson - 61 
 
 The Second President. 
 
 V. The Second Building, as It Originally Appeared 62 
 
 Southwest Corner State and Washington Streets. 
 
 VI. The Ruins after the Great Fire - - - 66 
 VII. The Third Building, Now Occupied - - - 72 
 
 Northwest Corner Dearborn and Monroe Streets. 
 
 VIII. Lyman J. Gage .--.-.. 76 
 
 The Third President. 
 
 IX. James B. Forgan 85 
 
 The Fourth President. 
 
 X. Pyramid Showing at Different Dates the Rel- 
 ative Proportions of the Principal Items 
 Reported by the First National Bank of 
 Chicago, 1863-1902 104 
 
 XI. Chart Showing the Growth of the First Na- 
 tional Bank of Chicago, 1863-1902 - - - 104 
 
 XII, Plan of Organization and Business Adminis- 
 tration OF the First National Bank of 
 Chicago ----- At end of Volume
 
 HISTORICAL
 
 CHAPTER I 
 
 EARLY BANKING IN THE UNITED STATES 
 
 The financial condition of a state is the most trust- 
 worthy standard by which to measure national strength. 
 Empires raised to the zenith of glory by military 
 prowess or political intrigue have in every age col- 
 lapsed like bubbles of air, whenever the achievement 
 of soldier or statesman was not based upon a reason- 
 able consideration of the economic resources of the 
 people. Carthage in antiquity and Venice in the 
 Middle Ages were again and again hindered in their 
 course of development for want of the "sinews of 
 war." Charles V., in Germany, and Napoleon I., in 
 Russia, were doomed to meet defeat in their cherished 
 plans — the one to overthrow Protestantism, the other 
 to sit on the throne of the czars — because of their 
 inability to collect the vast sums requisite for the 
 accomplishment of these purposes. If the story of 
 mankind, whether state or individual, be examined in 
 detail, it will be found that the power to succeed has 
 been generally dependent upon the ability to create a 
 revenue. With ample wealth and good credit the 
 destiny of a land is assured. 
 
 In the ultimate quantity and value of its resources 
 the United States is peculiarly fortunate. Hardly 
 had the first colonists landed on these shores when 
 
 3
 
 4 The First National Bank of Chicago 
 
 they recognized that the fertility of the soil was their 
 chief material blessing. The tobacco of Virginia and 
 the wheat of Massachusetts, the wool of Pennsylvania 
 and the fur skins of New York, soon confirmed the 
 anticipations of the earliest settlers. Little by little, 
 as the provinces spread to the westward, other pro- 
 ducts were added to the list. Manufactures sprang 
 up in spite of the Navigation Act, and the other sump- 
 tuary legislation of Parliament; agriculture and trade 
 flourished. Then came the Revolution, with the tem- 
 porary disarrangement of business, and the utter 
 destruction of many vested rights. Upon the resto- 
 ration of peace, the expansion of the states was rapid; 
 the increase of their wealth was scarcely less. The 
 energy of a newly won freedom carried the flag within 
 a few decades beyond the Alleghanies to the Missis- 
 sippi, across the plains, and over the Rockies, until 
 the golden shores of the Pacific were reached; when, 
 as if for the plunge into the sea of mystery, a halt of 
 many years ensued; and then, with the stride of a 
 Colossus, the Republic, placing one foot on Hav/aii, 
 planted the other in the midst of the Philippine Archi- 
 pelago at the gateway to the Orient. Every advance 
 has meant not solely territorial aggrandizement, in 
 the single sense of conquest, but indeed vastly more 
 in the enormous accession which in each instance has 
 accrued to the material resources of the nation. And 
 still there have been many struggles. In this career 
 of progress there have often intervened obstacles,
 
 Early Banking in the United States 5 
 
 crises, bankruptcies, disasters, wars. Had the bounti- 
 ful stores of nature in themselves been sufficient, the 
 Colonies would have been by far more prosperous; 
 the cause of long-continued grievances would have 
 been lacking; loyalty to the crown of Great Britain 
 would perhaps have prevailed ; the Revolution might 
 not have been fought. If, by some chance, the United 
 States had arisen, the great conflicts over the consti- 
 tution, the shipping bill, the national bank, the slavery 
 question, and the silver issue would have been un- 
 known. The adjustment of legislation by which the 
 production and management of these riches should be 
 guaranteed was to be a work of centuries scarcely yet 
 achieved. 
 
 Two prerequisites to the prosperity and perma- 
 nence of American institutions were essential: a sound 
 currency and a well-organized system of banking were 
 necessary. In a sense distinct problems to be solved, 
 in the broader view progress in the one implies a for- 
 ward movement in the other; while not until both 
 these ends shall have been accomplished can the fiscal 
 interests of a state be said to be properly conserved. 
 From the wampum of New England and the tobacco 
 money of Virginia to the present currency of the 
 United States, founded upon the gold standard, is 
 a far cry. From the first attempt to establish a bank 
 in the province of Massachusetts, in 1686, to the pre- 
 vailing national banking system, the span is quite as 
 great. Nevertheless, throughout the history of the
 
 6 The First National Bank of Chicago 
 
 nation, certain pre-eminent problems have presented 
 themselves for solution. The tendency has con- 
 stantly been toward improvement ; if indeed, in many 
 details, perfection has not yet been attained, it may 
 still be confidently asserted that a wonderful advance 
 has been made. 
 
 The one perpetual struggle on the part of financiers 
 has been inevitably directed against the depreciation 
 of the currency. Money in itself is merely a relative 
 term, a measure convenient to have, as a standard by 
 which to estimate the value of labor and merchandise. 
 Its one essential characteristic is invariability. If the 
 common denominator fluctuates, uncertainty in the 
 other factors of commercial calculations must ensue. 
 Therefore every nation has, for the sake of self-preser- 
 vation, been obliged to decide upon some method of 
 maintaining its currency at one fixed, unalterable level. 
 Not only prosperity at home but credit and prestige 
 abroad depend upon it. A substantial monetary basis 
 means self-satisfaction, respect, honor, and power. 
 
 One of the striking features of colonial days was 
 the variety of the circulating medium. In Virginia 
 tobacco, wheat, peas, Indian corn, barley, oats, and silk 
 competed with gold and silver; in Massachusetts wam- 
 pumage held the field almost clear to itself. In both 
 sections currency legislation was the preoccupation of 
 local statesmen. The heterogeneous articles of trade, 
 which from time to time were raised to the dignity of 
 "legal tender," invariably showed a propensity to
 
 Early Banking in the United States 7 
 
 decline in value. In 1619 the General Assembly of 
 Virginia first fixed the rate at which tobacco should 
 pass current, but in 1633, in 1642, in 1655, in 1666, 
 in 1727, in 1730, and in 1755 other legislation was 
 enacted with a view to hold it in circulation. Tobacco, 
 and the certificates issued in its name, constantly 
 depreciated, and even the partial destruction of stocks 
 and the enforced suspension of planting failed to effect 
 a cure. Conditions in Maryland were similar, and 
 those in New England and the other provinces not 
 materially different. Bills of credit were issued by 
 Massachusetts as early as 1690. 
 
 The colonial assemblies outvied each other in 
 debasing the currency; again and again Parliament 
 interfered, and the struggle was bitter. Statutes, 
 governors, and prohibitive decrees were generally 
 ineffectual. The bills issued were practically without 
 security, and amounted to an enormous volume. 
 Rhode Island alone counted them to the value of 
 ;^400,ooo. In every instance depreciation and repu- 
 diation ensued. The measures to keep this paper 
 afloat were varied and often farcical. Nothing could 
 stay its downward course. One of the principal 
 grievances cherished by the colonists — generally, how- 
 ever, overlooked — was the steady determination of the 
 mother country not to countenance or approve such 
 speculation. At first, with a scarcity of the precious 
 metals, the difficulty was inherent, and no mere arti- 
 ficial act of man could banish it. During the first half
 
 8 The First National Bank of Chicago 
 
 of the eighteenth century, gold and silver became 
 sufficiently plentiful to form the basis of a currency, 
 but even then the colonial legislatures resolutely 
 opposed any improvement in its quality. 
 
 The Continental Congress was bafifled by the same 
 problem; $242,000,000 of paper was issued in 1779; 
 in 178 1 it was worthless. Various remedies were sug- 
 gested and tried without avail. The success of the 
 Revolution itself was jeopardized, for salaries could 
 not be paid, and soldiers were in open mutiny. After 
 the close of hostilities, relief was very slowly accorded ; 
 for many years confusion prevailed. Some gold, 
 more silver, and much paper thenceforth consti- 
 tuted the circulating medium of the new republic. 
 Continental bills, pieces of eight, Spanish dollars, 
 provincial shillings of various values, British six- 
 pences, French napoleons, Dutch florins, and German 
 thalers, together with a miscellaneous assortment of 
 "shin plasters," "wild cat" issues, "stump tails," 
 and greenbacks, were in active circulation or succeeded 
 each other. Every merchant was obliged to keep at 
 hand a printed table showing the current value of each 
 of these beautiful representatives of the precious 
 metals. 
 
 Meanwhile Congress spasmodically applied itself to 
 the task of bringing order out of chaos. In 1792, at the 
 suggestion of Hamilton, the double standard of gold 
 and silver, at the ratio of one to fifteen was approved. 
 Before 18 17 gold had disappeared from circulation.
 
 Early Banking in the United States 9 
 
 In 1834 a combination of causes — the desire to draw 
 gold from Europe, the influence of southern gold 
 miners, and the false notion that the silver standard 
 was identified with the interests of the United States 
 Bank — led to the passage of the Gold Act. At the 
 ratio of one to sixteen the double standard was fic- 
 titiously preserved on the statute book, while rejected 
 in actual usage. Thenceforth the ultimate adoption 
 of the gold standard by congressional enactment was 
 a mere matter of form. The measure of 1873 might 
 well have been foreseen ; it placed the stamp of 
 approval upon the work of the previous generation. 
 Had not the Civil War engrossed the attention and 
 energy of the nation, the recognition of prevailing 
 conditions would have undoubtedly been accorded at 
 an earlier day. 
 
 The story of banking in the Colonies can be told in 
 a few lines. Primarily the people did not need an 
 extensive system, while the Crown itself was adverse 
 to any such innovation. There is some doubt 
 when the first institution which merits the name 
 of a bank was established. Possibly one existed in 
 Massachusetts in 1686. In 1701 steps were taken 
 in the same province to organize a land bank, but the 
 promoters failed in their project. Again, in 17 14, the 
 plan was revived, and met with great popularity among 
 those owning large estates but having little available 
 cash. Many trades-people who were financially em- 
 barrassed also viewed the proposition with favor. The
 
 lo The First National Bank of Chicago 
 
 scheme was to issue bills not to exceed in amount 
 ^300,000 secured by a pledge of real estate to a simi- 
 lar value and held in trust by the corporation ; loans 
 of paper money at five per cent were to be made upon 
 real property. The backers of the movement claimed 
 that every land-owner ought to have in current funds 
 a sum equivalent to his real holdings. In this manner 
 they proposed to supply a medium of exchange. The 
 Provincial Council, however, declined to pass the 
 requisite enabling act. 
 
 Once more, in 1739, the plan was resurrected, and 
 business was begun without a charter. By this time 
 the matter had assumed a political phase. The local 
 authorities were now favorably disposed, but the royal 
 governor was obdurate. Numerous civil, military, 
 and judicial officers were interested in the enterprise, 
 and many sacrificed their positions for the sake of 
 remaining associated with the organization. Many 
 institutions in imitation of the original bank were 
 inaugurated. Parliament then intervened and declared 
 their issue of bills illegal. Governor Belcher was 
 nearly mobbed, and as the result of private intrigue, 
 soon removed. The new executive proved friendly, 
 or at least neutral; the General Court of Massachusetts 
 voted remedial legislation, but the outcome was a 
 foregone conclusion. Similar experiments were made 
 at New London, Connecticut, in 1732, and at Charles- 
 ton, South Carolina, in 1775. The notes of these 
 institutions declined so much that in 1748 ^100 in
 
 Early Banking in the United States ii 
 
 coin cost in Massachusetts ;^i, lOO in paper. While in 
 the other colonies the ratio was less, there still was 
 everywhere an enormous depreciation. Every one asso- 
 ciated with the banks was ruined, and the end of the 
 craze rapidly came. The prohibition by Parliament, 
 in 175 I, of the use of legal tender paper money issued 
 by the local treasuries aroused the deepest ire on the 
 part of the colonists, and it may truthfully be said 
 that their devotion to this cause was a potent factor 
 in the movement toward revolution. 
 
 The experience of the Continental Congress, as 
 lately reviewed, was identical. For a year, perhaps, 
 its notes were maintained at par. Then, encouraged 
 by this apparent success of creating artificial value, 
 the quantity in circulation was materially increased. 
 The usual result ensued. Depreciation set in until, 
 in 1779, twenty paper dollars were required to buy 
 one of silver. Congress then limited the issue and 
 pledged its redemption, but without avail. In spite 
 of every effort the ratio in 1780 fell from forty to 
 seventy-five, when, in the northern provinces, the 
 bills disappeared from use. One year later, when the 
 difference in the South was one thousand to one, they 
 also succumbed there. At least $200,000,000 of 
 this currency thus vanished. Some degree of as- 
 tonishment must be felt when it is realized how 
 often the people have been beguiled by the same 
 phantom. 
 
 The first bank to be organized after the breach
 
 12 The First National Bank of Chicago 
 
 with the mother country, sprang from a meeting of 
 patriotic citizens held at the Coffee House in Phila- 
 delphia, on June 7, 1780. This institution, known 
 as the Pennsylvania Bank, and in the establishment 
 of which Robert Morris played an important role, was 
 taken under the patronage of the Continental Con- 
 gress and survived about eighteen months. 
 
 The two principal movers in the foundation of a 
 national bank were Robert Morris and Alexander 
 Hamilton. As far back as 1763 the former had con- 
 sidered the benefits to be derived from such an enter- 
 prise. In 1779 Hamilton proposed that a bank be 
 incorporated by act of Congress. The Bank of North 
 America, after strenuous opposition, was finally, on 
 December 31, 1781, granted a perpetual charter. On 
 January 7, 1782, its doors were opened for business. 
 From time to time this institution was authorized by 
 the legislature of Pennsylvania until in 1864 it availed 
 itself of the provisions of the National Banking Act. 
 Reference is here made to it because it was the first 
 to be organized in this country on sound financial 
 principles. Its capital was fixed originally at $400,- 
 000, divided into one thousand shares of $400 each, 
 payable in gold and silver. The board of directors 
 consisted of twelve persons elected by the stockhold- 
 ers. Its notes were declared receivable for all public 
 dues and private debts. Within three years the capi- 
 tal was increased to $2,000,000. As soon as Hamilton 
 became Secretary of the Treasury, under the newly
 
 Early Banking in the United States 13 
 
 initiated government, he urged the establishment of a 
 national bank. He first thought that the Bank of 
 North America might be adapted and remodeled for 
 this purpose, but its directorate did not apparently 
 manifest any desire to assume the burdens necessarily 
 imposed; hence a bank to be especially constituted 
 was the alternative. 
 
 Under the inspiration of Hamilton, Congress, in 
 the early days of 1791, approved the creation of the 
 first Bank of the United States. Its capital was 
 $10,000,000, consisting of twenty-five thousand shares 
 of $400 each. The United States subscribed for 
 $2,000,000, the balance of $8,000,000 was offered to 
 the public. A board of directors, composed of twenty- 
 five persons, was charged with the management. The 
 notes were practically limited in their issue to the value 
 of the capital stock; but in fact never more than fifty 
 per cent of this authorized circulation was reached ; 
 they were legal tender for all debts to the United 
 States. The bank might establish as many branches 
 as necessary, but was forbidden to enter into mercan- 
 tile business. The term of the charter was for twenty 
 years, during which time it was agreed that not any 
 rival should be incorporated. Notwithstanding the 
 bitter opposition of Jefferson and the Republicans of 
 that age, the institution flourished. The government, 
 by the sale of its shares, netted a profit of some twenty- 
 eight per cent, and otherwise the pecuniary results 
 were fortunate.
 
 14 The First National Bank of Chicago 
 
 When the day for the renewal of the charter 
 arrived, the political status was decidedly adverse to 
 the interests of the corporation ; many sincerely 
 regarded it as a menace to the welfare of the repub- 
 lic. The overthrow of Gallatin, the then Secretary 
 of the Treasury, who was favorably disposed, was 
 just at that moment also the aim of a powerful cabal ; 
 the possibilities of the future seem to have been 
 largely identified with his personality. After a furi- 
 ous debate in Congress, those who held the existence 
 of the bank unconstitutional triumphed. Upon a test 
 question the measure for the extension of its privi- 
 leges was defeated in the House by one vote and in 
 the Senate by the casting vote of the Vice-President. 
 Thus, in 1811, the institution went into liquidation. 
 
 The advocates of state rights had won the first 
 crucial battle. The War of 18 12 followed. The state 
 banks proved unequal to the emergency ; in the crisis 
 the majority suspended. During the next six years 
 the issues of irredeemable paper increased from 
 $28,000,000 to $110,000,000, circulating at a dis- 
 count of fifteen to twenty per cent. The finances of 
 the country fell into a deplorable state. 
 
 After this brief experience with a fiat currency, the 
 champions of a national bank again took courage. 
 When, in 18 14, Secretary Dallas sent to Congress a 
 recommendation for the establishment of such an insti- 
 tution, the ensuing debate upon the bill showed the 
 chief difference to be in regard to details. There was
 
 Early Banking in the United States 15 
 
 an overwhelming majority in favor of the main ques- 
 tion. Daniel Webster headed those opposed to the 
 plan suggested by the Treasury Department. Again 
 the result was uncertain. The vote of the Speaker of 
 the House returned the administration bill to the com- 
 mittee for amendment. Mr. Webster's views — dis- 
 tinctly partial to the state banks — were incorporated, 
 and the measure as revised then passed. The Senate 
 approved it, but it met with the veto of the Presi- 
 dent, strangely enough, because he did not consider 
 that the proposed bank would satisfy the exigencies 
 of the government. 
 
 Finally, in 18 16, after another stormy debate, the 
 act authorizing the second United States Bank was 
 voted and approved. The capital was fixed at $35,- 
 000,000, of which one-fifth was subscribed by the 
 government. Otherwise the charter was, with one 
 exception, similar to that of the first corporation. 
 The feature which indicated progress was the clause, 
 adopted at the suggestion of Webster, that deposits 
 as well as notes should be payable in specie. The 
 bank opened its doors in April, 18 17. Unfortunately 
 for its reputation a wild speculation in the stock oc- 
 curred. Other scandals and gross mismanagement very 
 nearly precipitated failure before 18 18, when there 
 was difficulty in weathering the general financial crisis. 
 With a radical reorganization, the institution had, 
 nevertheless, within the ensuing ten years, attained 
 such a commanding position as to be regarded practi-
 
 i6 The First National Bank of Chicago 
 
 cally a national necessity. In 1829 Jackson, in his 
 first message to Congress, surprised the country by a 
 proclamation of hostility. Seven years before the ex- 
 piration of the existing charter he invited attention to 
 the feasibility of its renewal. The animosity to banks 
 of every description prevailing throughout the South 
 and the West, strongly seconded by the self-interest 
 of the numerous inflated concerns doing business under 
 state authority, rapidly crystallized. The corporation 
 which had rendered enormous services to the nation, 
 with its notes at par not only throughout the Union 
 but in every country of the world, and with its stock 
 at a premium of forty per cent, at once became the 
 target of all the advocates of free banking and un- 
 limited paper currency. The reason of Jackson's 
 attack on the bank, it is believed, was solely politi- 
 cal; his friends hoped by this means to secure control 
 of it. Many others who joined with them were, how- 
 ever, inspired by different motives. 
 
 Generally in the West and the South the state banks, 
 the centers of furious speculation, had incurred popu- 
 lar hostility; the cause of the United States Bank 
 was, by a misconception, identified Avith and preju- 
 diced by their careers; while they themselves, in the 
 overthrow of the national institution, anticipated the 
 opportunity for redoubled activity on their own part. 
 The issue raised by Jackson was more speedily deter- 
 mined than had been foreseen. After three years of 
 open conflict and silent intrigue between the opposing
 
 Early Banking in the United States 17 
 
 parties, a bill was passed by Congress, in the summer 
 of 1832, granting an extension of the charter, but it 
 was promptly vetoed. 
 
 In the presidential election of the same year, when 
 the question was paramount, the people sustained 
 Jackson; the bank and its supporters, irrevocably 
 entangled in the political situation, were overwhelmed. 
 Various illegal strategems were now employed in the 
 struggle for existence. The ire of the President was 
 aroused, and he, in spite of several involuntary delays, 
 accomplished the transfer of the government deposits 
 to the state banks. Rejected by the nation, the 
 United States Bank sought elsewhere to prolong its 
 term of life. On February 18, 1836, a measure was 
 enacted by the legislature of Pennsylvania incorpo- 
 rating it for a period of thirty years, but the institu- 
 tion was destined to a much shorter career. The 
 character of its business was materially altered. 
 Excessive loans made upon worthless bonds and 
 stocks soon caused embarrassment. In 1837, 1838, 
 and finally in 1841, the bank suspended payment. 
 Meanwhile the state banks, with an inflation of their 
 notes from $61,000,000 to $149,000,000, embarked 
 upon a brief era of wild speculation. On May 10, 
 1837, there was an almost general suspension. After 
 various experiments the circulation was, in 1843, 
 reduced to $58,000,000; thenceforward for nearly a 
 quarter of a century the regulation of banking was 
 confided to the states, with a variety of results. The
 
 i8 The First National Bank of Chicago 
 
 government, for the most part, protected its own wel- 
 fare by the independent treasury system, but the 
 people were subject to the whims of local legislators. 
 While the two national banks had proved of service 
 to the country, they were, as monopolies patterned 
 after European models, undoubtedly ill-suited to the 
 genius of a free people. Moreover, they had demon- 
 strated their inability to avoid politics. The last 
 bank had come to be viewed as a strong power in 
 opposition to the administration, and as such — more 
 than because of any inherent diversity of financial 
 opinion — had been crushed. All attempts to re-estab- 
 lish a United States Bank failed. On the contrary, 
 the reaction carried the pendulum to the other ex- 
 treme of state supervision. The interval of transition 
 prior to the adoption of the national banking system 
 was inevitably long.
 
 CHAPTER II 
 
 WESTERN BANKING UNDER STATE LAWS 
 
 To make any broad and equally reliable assertions 
 about the state banks of the days prior to the Civil 
 War would be exceedingly difficult; to compare their 
 management and conduct with those of the present 
 generation — if not involving conclusions positively 
 erroneous — would at least be misleading, for the wise 
 revision of banking laws, and their more rigid enforce- 
 ment, have raised these institutions to a position of 
 usefulness not inferior to the level attained by those 
 under national supervision. 
 
 The prevailing impression of the effect of the state 
 banking system upon the interests of the people in 
 earlier days is apt rather to be biased by the remem- 
 brance of exceptional phenomena than to be governed 
 by the actual record of events. Dwelling upon the 
 darker side of the picture, reviewing in memory the 
 defects, the losses, the scandals, and the disasters due 
 to wild speculators and more dishonest rascals, a high 
 degree of impartiality and a deep insight into history 
 are essential to recognize the far-reaching and endur- 
 ing services rendered by the many admirably conducted 
 establishments which were scattered here and there 
 throughout the land. Some were located in the 
 states — then more properly than now known as the 
 
 19
 
 20 The First National Bank of Chicago 
 
 West — and have left behind them a reputation, bril- 
 liant when compared with that of the greater number 
 of their local contemporaries; but for the large 
 majority of the more honorable institutions, the cen- 
 ter of activity was in the East. Massachusetts, with 
 its Suffolk Bank system of redemption; New York, 
 with its chartered banks, the Safety Fund Law of 
 1829, and its well-constructed free banking legislation, 
 together with Maryland and New Jersey, are distin- 
 guished for the high degree of perfection to which 
 they carried the methods and management of banking. 
 Of the states beyond the Alleghanies, Ohio holds the 
 first rank; in the study of the sources to which the 
 provisions of the National Banking Act can be traced, 
 its legislation is second in importance only to that of 
 New York, a fact undoubtedly attributable to the per- 
 sonal environment of Secretary Chase. As a notable 
 exception to the general rule, the State Bank of Indi- 
 ana, chartered in 1834, likewise deserves special men- 
 tion. Until its voluntary liquidation, in 1866, it never 
 closed its doors a single day. The net earnings to the 
 state alone on its investment of $800,000 — represent- 
 ing one-half of the capital stock — amounted in twenty- 
 five years to $3,500,000. The legislation of Michigan 
 first gave practical form to the doctrine destined to 
 become the fundamental principle of the National 
 Banking Act, that every bank should place in the 
 possession of a duly designated authority sufficient 
 collateral for the payment of its outstanding notes —
 
 Western Banking under State Laws 21 
 
 which, however, in application, unfortunately proved 
 defective. 
 
 The state banks, in the details of their organiza- 
 tion, were of various distinct types. Some were 
 especially and individually chartered ; others were 
 established under the authority of general law in their 
 respective localities. The latter system usually 
 resulted in free banking. The one method commonly 
 succeeded the other in usage, the tendency being 
 more and more toward the abolition of special privi- 
 leges, and the extension of equal rights to those who 
 desired to engage in the business. Again, in certain 
 cases, the entire capital was supplied by the state, and 
 the management was under its immediate direction ; 
 in others, and more ordinarily, the stock was held 
 partly by the commonwealth and partly by individu- 
 als, while there was a joint control. Of course, the 
 great majority of institutions were exclusively in the 
 hands of private persons. Not any final conclusion 
 can be reached as to which form or style was the most 
 successful or even the more commendable. Experi- 
 ence was not by any means uniform or decisive. In 
 some sections prosperity seems to have been the rule, 
 whatever may have been the theory; elsewhere failure 
 and disaster customarily ensued. Laws, which in one 
 state worked admirably, in another, whether by the 
 laxity of their administration or by the perversity of 
 human nature, utterly failed. Even in adjoining com- 
 munities, nay, almost in the same city, the effects
 
 22 The First National Bank of Chicago 
 
 were different. The personal character of the mana- 
 gers and the popular sentiment of their environment 
 were primarily the factors which determined the issue. 
 Thus it happened that in the East and some parts of 
 the South, with conservative and honest procedure, 
 banking flourished, and was in good repute; while 
 throughout the West — with rare exceptions — where 
 the disposition to speculation and fraudulent practices 
 prevailed, a vast amount of suffering and scandal 
 occurred, involving the business in dishonor, and evok- 
 ing at times the rage of popular condemnation. As 
 illustrative of the extent to which this feeling was 
 carried, the laws of Wisconsin and Iowa may be cited. 
 In the former the territorial convention approved "an 
 act to restrain unauthorized banking"; in the consti- 
 tution of the latter provision was made for "all other 
 corporations except those with banking privileges, the 
 creation of which is prohibited" ; and again, the exer- 
 cise of "the privileges of banking or creating paper to 
 circulate as money" was forbidden under the penalty 
 of one year in the county jail and $i,ooo fine for each 
 offense. 
 
 The phantom of limitless wealth to be realized by 
 the issue of a fiat currency was the delusion which 
 ensnared many embryonic financiers; some perhaps 
 were conscientious in their intentions to redeem their 
 notes, but of these the majority, finding the task more 
 difficult than they had anticipated, failed; while others, 
 from the very beginning, were eager to amass fortunes
 
 Western Banking under State Laws 23 
 
 by any means at the expense of the public. Inci- 
 dentally the conditions were favorable. Theoretically, 
 with the downfall of the United States Bank, the idea 
 had triumphed that the issue of bills by an institution 
 chartered by a state was perfectly legitimate. In the 
 East this was the chief consideration, but in the West 
 other motives also intervened. Practically — and in- 
 deed a feature by far more important — the opportunity 
 and the demand here existed. Beyond the Allegha- 
 nies there was in early days a dearth of a circulating 
 medium. As in the original colonies during the 
 seventeenth century and later, the lack of any com- 
 mon standard of exchange was felt. The populace 
 also was of that sentiment which, strangely, and uni- 
 versally in ruder communities, regards any article bear- 
 ing an impress of value as good and sound currency. 
 For some reason — perhaps unfamiliarity with them — 
 the precious metals were not then viewed with that 
 respect which the inhabitants of older and better 
 organized regions accord them. The field at first was 
 open and free to all comers. For a few years, so long 
 as the issue of bills could be absorbed in the channels 
 of trade, and those who were responsible for them 
 were in a position to redeem them when required, the 
 day of reckoning was postponed. Gradually this very 
 prosperity attracted less scrupulous men, who assumed 
 obligations far beyond the strength of their credit or 
 means; various dishonest schemes were elaborated; 
 sudden crises surprised the most sanguine, and a great
 
 24 The First National Bank of Chicago 
 
 number fell. The people at length were aroused from 
 their Utopian dreams. Scarcely any escaped loss, and 
 many succumbed to ruin. The revulsion of opinion 
 was rapid and decided. All banks of issue were con- 
 founded in the public mind ; those which by extraor- 
 dinary skill and upright conduct had withstood the 
 worst stage of financial distress, now faced a stub- 
 bornly prevailing hostility. The effect of these experi- 
 ences is apparent in the adverse tendency of legislation 
 toward the end of this period. 
 
 Another obstacle to the permanent success of those 
 banks, in the management of which the state partially 
 or exclusively participated, was the danger of political 
 complications. The feature, so manifest in the career 
 of the United States Banks, was, on a limited scale, 
 present in almost every institution of this class. In 
 some instances, as for example, in Illinois, the bank 
 became an issue in local campaigns, and was irrevo- 
 cably ensnared in the meshes of the net of passion and 
 prejudice. 
 
 The defects in the methods inaugurated by the 
 several states were multiple. The career of the banks 
 specially chartered, entirely or partially owned and 
 managed by the incipient commonwealths, was, with 
 the exception in the case of Indiana, ephemeral. 
 Generally a lack of good common sense in the direc- 
 tion of their affairs destined them from the first to 
 speedy dissolution. The system of free banking, 
 which in turn succeeded, to all intents and purposes
 
 Western Banking under State Laws 25 
 
 manifested, only in an exaggerated form, the faults 
 and errors of its predecessors. Well planned, if the 
 facts taken for granted were true, and if rigorously 
 executed, the laws for its guidance were ordinarily 
 based upon a misconception or false belief, and were 
 exceedingly carelessly administered. In some in- 
 stances, absolute corruption and dishonesty perverted 
 the provisions, intended to safeguard the rights of the 
 people, into instruments of deception and fraud. The 
 endeavor to force the growth of these financial plants 
 by artificial means uniformly resulted in dismal fail- 
 ure. Not merely measures, but wealth, and especially 
 men of experience and prudence were essential. 
 Under the conditions which existed, the disorganiza- 
 tion was complete; in times of peace the situation 
 would have been critical, in days of war it was peril- 
 ous; but still it may well be doubted how long reform 
 might yet have been deferred had not the stress of 
 calamity imperatively demanded the reorganization of 
 individual and national credit.
 
 CHAPTER III 
 
 THE INCEPTION OF CHICAGO BANKING 
 
 The commercial operations of the people of Chicago 
 prior to 1835 were not of such magnitude as to require 
 the facilities of an organized establishment of credit. 
 Whenever it happened that a trader wanted to make 
 a remittance to the East, he could be accommodated 
 by calling on his fellow-townsman, Gordon S. Hub- 
 bard, who incidentally kept a current account in 
 Buffalo, and whose drafts were always paid. The 
 central point at which many of the highroads leading 
 from beyond the Alleghanies to the Far West con- 
 verged, was, however, on the southern shore of Lake 
 Michigan. The era of speculation in the wild lands 
 of the prairies was also just opening; the lack of a 
 larger volume of the circulating medium was felt. 
 
 Under the system of banks, as then in vogue, it was 
 natural that the institution legally recognized in Illi- 
 nois should seek to satisfy the demands of the young 
 but rising community. Hence, on December 5, 1835, 
 the press announced that the state bank, which had 
 already been incorporated, had decided to inaugurate 
 a branch at Chicago. Business was begun about ten 
 days subsequently in a building situated at the corner 
 of La Salle and South Water streets. John H. Kinzie 
 was president and W. H. Brown cashier. Among the 
 
 26
 
 The Inception of Chicago Banking 27 
 
 eight other directors was Gordon S. Hubbard. Any 
 kind of paper received by this concern, and which 
 would circulate in trade, was regarded as good money. 
 Thus bills issued in Wisconsin, Michigan, Indiana, 
 southern Illinois, or elsewhere were passed from hand 
 to hand. The bank was far from a pure blessing; 
 before its entrance into the neighborhood silver coins 
 had been the chief currency, but now almost any old 
 piece of paper bearing the imprint of some known or 
 unknown maker was the only substitute. These 
 worthless bits of parchment drove the metals entirely 
 out of use. In the mean time Chicago grew from a 
 village to a town of 7,580 inhabitants in 1843, when, 
 with the collapse of the principal institution, the local 
 agency, of course, closed its doors. Even before its 
 retirement from the field the quantity of miscellane- 
 ous, heterogeneous scrip and tradesmen's checks for 
 small amounts was utterly inadequate for the needs 
 of the citizens. With its failure, aside from the 
 actual loss suffered, serious embarrassment for want 
 of legitimate financial accommodations might have 
 ensued, had not certain determined individuals already 
 had recourse to transactions which, technically, were 
 illegal. Private firms thenceforth furnished the sole 
 facilities until the passage of the Free Banking Act, in 
 1851. 
 
 As early as 1837 a charter had been secured from 
 the Illinois legislature for the Chicago Marine and Fire 
 Insurance Company, a corporation which was at once
 
 28 The First National Bank of Chicago 
 
 organized with J. S. Breese as president and L. D. 
 Boone as secretary. The statute expressly enjoined 
 the concern from undertaking a banking business and 
 forbade the issue of bills or notes. The promoters of 
 the enterprise nevertheless openly defied and skilfully 
 evaded the letter of the law. Certificates of deposit 
 for all sums left in its hands were given, payable on 
 demand by the insurance company, and speedily found 
 their way into the currents of trade. 
 
 A man of striking personality just then appeared 
 upon the scene. George Smith, a native of Aberdeen, 
 Scotland, whose name and fame are still well known 
 to the world of finance, had first visited the vicinity 
 of the nascent city of Chicago in 1834-35. Convinced 
 of the opportunity for realizing large profits by invest- 
 ments in real estate, he organized the Scottish Illinois 
 Land and Investment Company, subscribing his own 
 patrimony of some $15,000, and upon his return to 
 Scotland, inducing many influential friends to join 
 him. Considerable money was made, but the panic 
 of 1837 intervening, required the presence of Mr. 
 Smith again in America. Together with several com- 
 patriots he came once more to Chicago. These young 
 men, with the peculiar shrewdness and innate sagacity 
 of their race, eagerly watched the proceedings of the 
 new venture launched by Messrs. Breese, Boone, and 
 their associates. In the winter of 1838-39 the Wis- 
 consin legislature, in spite of the explicit provisions of 
 the territorial constitution, was induced to pass a
 
 The Inception of Chicago Banking 29 
 
 similar act, chartering the Wisconsin Fire and Marine 
 Insurance Company, with a capital stock of $225,000, 
 one-half of which was subscribed by George Smith, 
 Alexander Mitchell, and the firm of Scotchmen of 
 Strachan & Scott, while the other half was floated in 
 Scotland. The headquarters were technically at Mil- 
 waukee, but Strachan & Scott became the agents at 
 Chicago, and here the greater number of transactions 
 took place. Authority was granted to conduct a 
 general insurance business, "to receive money on 
 deposit and to loan it on satisfactory security, and to 
 invest such capital as it may have in the purchase of 
 public or other stock or in any other moneyed tran- 
 sactions or operations for the sole benefit of the com- 
 pany, but nothing contained in this section shall give 
 the company banking privileges." Any participation 
 in mercantile business was forbidden, and it was pro- 
 vided that the company must, by its own indorsement, 
 guarantee the notes of any other concerns which it 
 might put into circulation. Smith's chief assistant in 
 this enterprise was his young compatriot, Alexander 
 Mitchell, who came out especially from Scotland. 
 Smith was president and Mitchell secretary of the 
 new corporation. Subsequently the firm of George 
 Smith & Company was created, and at their Chicago 
 office all certificates were redeemable. 
 
 As it happened, the moment was propitious. The 
 panic of 1837, which had closed many financial estab- 
 lishments, had also left the West without a sufficient
 
 30 The First National Bank of Chicago 
 
 circulating medium. Both Smith and Mitchell enjoyed 
 an unblemished reputation ; so when they began, not- 
 withstanding the law and their charter, to issue "cer- 
 tificates of deposit," so-called, these latter at once 
 attained great popularity. Smith was a thoroughly 
 equipped banker and a scrupulously honest man. 
 The maintenance of the credit of his institution was 
 the principal object always held in view. After a 
 bitter struggle with the decadent state banks his paper 
 was forced into general circulation, and of the entire 
 amount, $1,470,000 issued, every bill presented at the 
 counters of the various agencies which existed in the 
 western states was redeemed at par. This record is 
 unparalleled by that of any other institution doing 
 business in Illinois in those early days. Absolute 
 confidence was inspired in the people; and under such 
 auspicious conditions the corporation flourished and 
 its founders amassed wealth. The flagrant violation 
 of the terms of the charter aroused the ire of the Wis- 
 consin legislature, and finally, in 1846, it was by 
 resolution declared forfeited, but this action created 
 scarcely a ripple in the business of the company. Its 
 repeatedly proven ability to weather financial crises had 
 obtained for its certificates a widespread circulation, 
 and the stringent necessity of the times caused its 
 opponents to hesitate. In 1852, after the passage of 
 the general statute, an attempt was made to impose 
 special limitations upon Smith and his associates. 
 The effort then failed, but the legislature again soon
 
 The Inception of Chicago Banking 31 
 
 interfered by an act which declared certificates of 
 deposit illegal and prohibited their use. The antici- 
 pated effects of this movement were, however, 
 thwarted. The insurance company was forthwith, in 
 1853, reorganized, by Alexander Mitchell, under Wis- 
 consin law, as a bank; and the Bank of America came 
 into existence in Illinois. Smith then Avent to Georgia, 
 bought two banks, consolidated them, and commenced 
 to manufacture notes. This paper was sent in large 
 quantities to the Northwest ; relying upon the credit of 
 its maker, the people commonly accepted it; it became 
 extensively current, and was always redeemed. But 
 by 1855 it was evident that the West had enough cur- 
 rency, and the frequent embarrassment of being obliged 
 to refund these issues soon led to the abandonment 
 of the speculation. Smith finally seems to have 
 been satisfied with his success, and after withdrawing, 
 in 1857, from active participation in these enterprises, 
 returned to Great Britain, in i860, with $10,000,000. 
 In 1900 he died at London, a bachelor, aged ninety- 
 one years, and leaving an estate valued at $50,000,000. 
 He was a notable figure in both hemispheres. Alex- 
 ander Mitchell, who succeeded him in his banking 
 operations, gradually restricted his energies to the state 
 of Wisconsin. 
 
 While "Smith's Bank," as it was popularly called, 
 enjoyed such a large share of public esteem, there 
 were still several other houses endeavoring to compete 
 with it. Among them, in 1844-50, Murray & Brand,
 
 32 The First National Bank of Chicago 
 
 later Alexander Brand & Company ; Newberry & 
 Burch, subsequently I. H. Burch & Company; Elijah 
 Swift; Griffin & Vincent; R. K. Swift; J. Coe Clarke; 
 Curtis & Tinkham; D. C. Eddy; the Mississippi 
 Marine and Fire Insurance Company; and the Agency 
 of the Farmers' and Mechanics' Bank, might be men- 
 tioned. 
 
 In 185 I, after the passage of the Free Banking Act, 
 most of these firms had disappeared. Those which 
 survived, besides George Smith & Company, were 
 Brand & Company, I. H. Burch, Jones & Patrick, 
 Tucker, Bronson & Company, and R. K. Swift. 
 
 During the decade between 1850 and i860 Chicago 
 increased its population from 30,000 to 120,000 inhabi- 
 tants. The rapidly growing financial and commercial 
 interests of the city exacted a commensurate expan- 
 sion of banking facilities. The adoption of general 
 legislation in 1851, under which private bankers might 
 legally conduct their business, marked the opening of 
 a new era in the economic development of the com- 
 munity. The Marine Bank had the distinction of 
 being the first institution thus incorporated in Chicago, 
 having perfected its organization on January 13, 1852 ; 
 J. Young Scammon, who had been at the head of the 
 Chicago Marine and Fire Insurance Company, which 
 this bank succeeded, was elected president, and Edward 
 I. Tinkham cashier. Its capital, originally fixed at 
 $50,000, was in May, 1852, augmented to $550,000, 
 and its issue of bills was $99,000. Within the year
 
 The Inception of Chicago Banking ^3 
 
 the Merchants' and Mechanics' Bank (Boone & Bron- 
 son) ; the Chicago Bank (Burch & Company) ; the 
 Commercial Bank (the Southwestern Plank Road 
 Company) ; the Chicago City Bank (Bradley & Curtis) ; 
 the Union Bank (Forrest Bros. &Co.); the Bank of 
 America (George Smith & Co.); the Bank of Com- 
 merce (Davidson & McCalla); the Farmers' Bank 
 (Chase Bros. & Co.); the Exchange Bank (H. A. 
 Tucker); and the Bank of Chicago (Seth Paine & Co.) 
 came into existence. In spite of the strenuous efforts 
 of many of these concerns to conform strictly to the 
 law, Smith's certificates of deposit were still current; 
 so that in the end his competitors were obliged to hit 
 upon the expedient of meeting him on his own ground 
 by likewise issuing similar acknowledgments of in- 
 debtedness alongside of their regularly authorized 
 notes. While all endeavors to drive Smith out of the 
 field failed, the other banks, by recourse to this prac- 
 tice, naturally strengthened their foothold. 
 
 Among all the early financial undertakings of Chi- 
 cago, that of Seth Paine, who proposed to manage his 
 affairs on Christian and moral principles, deserves 
 special notice. After a short and ephemeral career, 
 his establishment was closed by the courts, while its 
 owner sought more favorable fields for the exercise of 
 his philosophy. 
 
 The so-called "Bank War" ensued, when the 
 legally incorporated associations united in an attack 
 on the violators of the law. Several individuals were
 
 34 The First National Bank of Chicago 
 
 indicted, but without avail, and appeal was made to 
 the legislature for redress. In the spring of 1853 the 
 act which rendered independent banking to all intents 
 and purposes a crime was passed, and the contest 
 thus decided. Then the competition among the char- 
 tered institutions became more and more severe in the 
 attempt to force the weaker concerns to the wall. 
 
 The panic of 1857 brought misfortune to many 
 aspiring banks; some yielded to urgent necessity; 
 others voluntarily went into liquidation ; but only a 
 few survived. Eastern exchange rose first to ten and 
 then to fifteen per cent. The circulating medium 
 correspondingly declined in value, and further became 
 more mixed and unstable in character. The Bank 
 Note Reporter was at every man's elbow. In i860 
 the Chicago establishments, like all others throughout 
 the West, saw their deposits in the hands of the public 
 authorities to secure their issue of notes suddenly 
 suffer an enormous depreciation. The southern banks, 
 upon which so many relied, continued to fail, and the 
 auditor was constantly calling for additional collateral. 
 The volume of outstanding notes was immense; and 
 even had it been feasible, it was in fact almost impos- 
 sible to retire them. Embarrassment and confusion 
 in all lines of business inevitably occurred. The action 
 of the legislature, in 1861, prohibiting the acceptance 
 by the auditor of bonds other than those of the United 
 States or of Illinois was the final stroke to the career 
 of most of the local institutions. The majority closed
 
 The Inception of Chicago Banking 25 
 
 their doors and few were reorganized. Some strug- 
 gled with destiny for two or three years longer, until 
 the National Banking Act drove them out of existence 
 as creatures of the state. 
 
 The banks of Chicago suffered the same fate as all 
 the others of the West, which were the product of 
 laws, perhaps theoretically well designed, but practi- 
 cally founded upon false conceptions, and in execution 
 loosely enforced. The great primary fact to be 
 observed in connection with their downfall is the loss 
 of credit by the southern states. So long as the 
 securities of the latter were sound and at par, this 
 method of banking had a reasonably reliable basis. 
 With the outbreak of war, and the fall in such holdings, 
 the banks lost, as it were, their original capital, and 
 were infallibly obliged to suspend. Therefore, it may 
 be truthfully said that the Rebellion wrecked them, 
 and in consequence imposed throughout this section 
 widespread financial losses and hardships. In the 
 end, however, it was to be the occasion for the radical 
 remodeling of the entire banking system of the coun- 
 try, which, thenceforth, established upon solid and 
 substantial principles, was to be subjected to national 
 control.
 
 CHAPTER IV 
 
 THE NATIONAL BANKING ACT 
 
 The development of the banking system of the 
 United States is an excellent illustration of the recip- 
 rocal effects which political and financial conditions 
 exert upon one another: it is also a strong proof of 
 the capability of the American people so to mold 
 institutions, however disparaged they may at one time 
 have been, that they shall ultimately be for the welfare 
 of the nation. To meet the exigencies of civil strife 
 without any extension of the resources of the govern- 
 ment was from the outbreak of hostilities believed to 
 be impossible; hence the Secretary of the Treasury, 
 Hon. Salmon P. Chase, appealed to Congress at 
 the December session of 1861 to afford relief. The 
 suggestions then made, although they failed to win 
 immediate approval, in fact served as the framework 
 of the law which was passed some fifteen months sub- 
 sequently. The National Banking Act was therefore 
 an incident to the war; whether or not it would in 
 any case have been elaborated may be a legitimate 
 question. Scarcely any one who realizes the situation 
 as existing just prior to this period can doubt that 
 some national method of control would sooner or later 
 have been inaugurated. Strangely enough the pri- 
 mary purpose, which was contemplated by the pro- 
 
 36
 
 The National Banking Act 37 
 
 meters of the plan, was not achieved, for the conflict 
 was at an end before the material aid rendered to the 
 treasury by the newly adopted methods was appre- 
 ciable. 
 
 With the termination of the crisis which occa- 
 sioned the passage of the act, it might have been sur- 
 mised that the feeling of distrust, which had often 
 frustrated the introduction of any similar project, 
 would again prevail. Such, fortunately, was not the 
 case. Opportunity was not lacking to observe the 
 advantages of the system over those locally in vigor 
 within the diiTerent states. The fundamental prin- 
 ciples involved were deemed by the large majority to 
 be correct; practically also the results were favorable, 
 so that for the most part acceptable, it only remained 
 to modify and improve, as experience gradually dic- 
 tated. Under the stress of urgent necessity a cen- 
 tralization of the economic interests of the land, equally 
 as important for progress as that of political adminis- 
 tration, had been accomplished. The war furnished the 
 immediate momentum, but the contemporaneous de- 
 velopment of natural forces, such as the increasing com- 
 munity of affairs and the rapidity and multiplicity of 
 intercourse, would undoubtedly not have permitted the 
 indescribable chaos of state banking very long to have 
 subsisted. The influence of events inexorably tended 
 to some solution more or less analogous to that which 
 actually occurred. How the older methods of local 
 supervision, unreinforced by national legislation, would
 
 38 The First National Bank of Chicago 
 
 have sufficed or proved adequate to the commercial 
 and financial requirements of to-day is well nigh incon- 
 ceivable. The problem must at some time have been 
 met and answered. Extraneous circumstances may 
 have hastened its determination ; the men of the six- 
 ties who grappled with it, through their wisdom 
 bequeathed to posterity, as the issue has shown, a 
 country not only reunited but likewise endowed with 
 the sinews of intrinsic strength. 
 
 For several years preceding the war, owing to a 
 happy conjunction of fortunate conditions at home 
 and abroad, the tendency to an increasing prosperity 
 had been constant. The movement of population 
 toward the West, consequent upon the discovery of 
 gold in California, had been stimulating an active flow 
 of money and merchandise across the continent ; while 
 the troubles in Europe were occasioning a heavier 
 demand for supplies of wheat and other provisions. 
 Banking had naturally become an attractive and lucra- 
 tive business. The legislation of the various states, 
 as then in force, with all its diversity and many defects, 
 was in theory drafted on reasonably wise lines; in 
 execution there were flaws, but with time and experi- 
 ence they might have been obviated. There was, 
 however, one vital spot where weakness existed, which 
 under a certain contingency, might prove fatal. When 
 this emergency in fact arose, the inevitable collapse 
 necessarily followed. 
 
 The secession of the commonwealths, which were
 
 The National Banking Act 39 
 
 to form the Confederacy, was the death-knell to a 
 large number of banking establishments. In that day 
 the relative share of the South in the commercial trans- 
 actions of the Union was vastly more important than 
 now. Cotton, tobacco, lumber, and other kindred 
 products, constituted the basis of a trade which, in its 
 direct and more remote ramifications, employed a 
 considerable volume of capital, promoted the exten- 
 sion of credit, and involved the regular interchange of 
 other innumerable commodities. 
 
 As soon as Sumter had fallen, the cessation of this 
 traflfic was felt; depression in all lines of business 
 ensued. Banks in the West failed for want of ready 
 cash; those in the East because of too great quantities 
 in their vaults. The securities upon which the west- 
 ern institutions had based their issues of notes rapidly 
 depreciated ; they found themselves unable to redeem 
 their circulation, and the local examiners closed their 
 doors. Such was the abyss into which the domestic 
 finances of the country were plunged. 
 
 The needs of the national treasury were even more 
 exigent. The enormous expenditures suddenly im- 
 posed for the equipment of armies and the preparation 
 of fleets startled the people and strained every finan- 
 cial nerve. Congress was granting leave to borrow, 
 while loan after loan was being offered on the market, 
 where only with some difficulty they were placed. At 
 first it was confidently believed that peace would be 
 re-established in three, then in six, nine months, or a
 
 40 The First National Bank of Chicago 
 
 year, and at length the wisest men knew not when. 
 As the magnitude of the conflict gradually dawned 
 upon the intelligence of those in authority, it became 
 evident that some regular method of procuring the 
 necessary funds must be devised. The credit of the 
 Union must be rescued from the mistrust which was 
 everywhere apparent. 
 
 Secretary Chase, in his annual report, presented to 
 Congress in December, 1861, proposed two means of 
 relieving the treasury. The issue of United States 
 notes, payable on demand, to replace those emitted 
 by the state banks, which should be retired, was one 
 suggestion ; permission to duly empowered organiza- 
 tions upon certain conditions to put into circulation 
 bills furnished them by the government, their redemp- 
 tion in specie to be guaranteed and regulated by the 
 United States, was the other. Out of the latter idea 
 the legislation now in force was evolved. 
 
 Let it, nevertheless, not be assumed that the law, 
 even as originally passed by Congress, sprang complete 
 and finished from the brain of any one man. On the 
 contrary, the framework, which financiers might seek 
 to adapt to the needs of the nation, already existed; 
 the fundamental principles had been established by 
 slow growth. From the inauguration of the govern- 
 ment under the Constitution there had been a conflict 
 between the administration at Washington and the 
 local legislatures for the control of the financial inter- 
 ests of the country. The struggle between those who
 
 The National Banking Act 41 
 
 favored the system of a monopoly, as prevalent for 
 the most part in Europe, and the advocates of abso- 
 lutely unrestricted freedom for banking, was pro- 
 longed. From time to time the balance had swung 
 from one side to the other. Nevertheless some lessons 
 were being steadily taught. With the complexity of 
 monetary operations, and for the common welfare of 
 all sections of the Union, it was manifest the national 
 administration was best fitted to deal. Many adverse 
 to the theory admitted the benefits practically con- 
 ferred by a single institution. On the other hand, 
 those who might have been partial to another United 
 States Bank perceived the advantages of elasticity, as 
 furnished by competition, providing that some super- 
 vision be exercised by a central authority. Experience 
 showed that the honest enforcement of banking laws 
 was quite as important as their skilful preparation. 
 The chief distinction between the concerns of the East 
 and those of the West was that, in the former locality 
 speculators and rogues were effectually debarred by 
 the vigorous attitude of the ofificials, while in the latter 
 the people were regarded as the legitimate prey of 
 scheming and avaricious money-sharks. The idea of a 
 comprehensive system exempt from partisan interest 
 and influence was not yet born. Hence the dif^culty 
 of framing any legislation free of suspicion of some 
 ulterior motive. There was always one candidate and 
 his adherents for, the other against, any proposition 
 which might be brought forward. Purely scientific
 
 42 The First National Bank of Chicago 
 
 discussion was impracticable. When there was not 
 reason there was fear. With a full recognition of the 
 defects of banking, as then regulated, it seemed for 
 many years futile to attempt to evolve any adequate 
 plan which would meet the exigencies of the world of 
 finance, and still not become the engine of ambitious 
 politicians. 
 
 The germ thought of the National Banking Act 
 can be traced back to the brain of Alexander Hamil- 
 ton ; he it was who suggested to "bank upon the 
 national debt as the best available capital." Dallas, 
 when Secretary of the Treasury, in 1815, Albert Galla- 
 tin in 1 83 1, and Professor John McVickar, of New 
 York state, about the last-mentioned date, proposed 
 various other measures which they believed needful 
 to inspire public faith in the management of banks. 
 
 As the Civil War progressed, the embarrassment of 
 the government steadily and vastly augmented. Not- 
 withstanding every effort on the part of the adminis- 
 tration and the co-operation of Congress, the condition 
 of the finances remained serious. Loan after loan 
 was made, far in excess of every anticipation, and still 
 more money was always wanted. The government 
 had been obliged, as the result of its necessities, to 
 overturn many old-established usages. More and 
 more it was forced to disregard all precedents and 
 embark upon new and untried paths. The supreme 
 consideration of self-protection was its only guide. 
 
 The suggestion of Mr. Chase to issue to banking
 
 The National Banking Act 43 
 
 institutions notes subject to national control, to be 
 guaranteed by deposits of United States bonds and 
 otherwise, as might be deemed advisable, was not by 
 any means unanimously approved. The state banks, 
 naturally fearing that their privileges might'be consid- 
 erably curtailed, strongly antagonized it. The draft 
 of the proposed act was taken bodily from the laws of 
 those states which appeared to have attained the 
 greatest success under the free banking system, and 
 sections covering the features of the securities to be 
 pledged and the methods of supervision were added. 
 The measure thus prepared was presented to the 
 House on July 11, 1862, by Mr. Hooper of Massa- 
 chusetts. The Ways and Means Committee, to which 
 it was referred, subsequently reported it adversely, 
 and there the matter rested. Meanwhile a legal tender 
 bill was passed, but the Secretary of the Treasury 
 nevertheless continued to insist upon the feasibility of 
 his favorite project, with the view, as he reiterated, of 
 "maintaining the public credit and providing for the 
 public wants," to secure "one sound, uniform circu- 
 lation of equal value throughout the country upon the 
 foundation of national credit combined with private 
 capital." 
 
 The next step was taken in the Senate. On Janu- 
 ary 26, 1863, Mr. Sherman presented to that body 
 the outline of a National Currency Act. Upon the 
 report of the finance committee a lengthy discussion 
 ensued. On the one hand, the opposition was voiced
 
 44 The First National Bank of Chicago 
 
 by Senator Collamer of Vermont, who expressed his 
 opinion at length ; on the other, Senator Sherman, a 
 vigorous advocate of the administration, championed 
 the plan. After protracted debate the measure finally 
 passed, on February 12, 1863, by a vote of 23 to 21. 
 When it came up in the House, several ineffectual 
 attempts were made to amend, and dilatory tactics 
 were employed to defeat it, but it was eventually 
 carried, on February 20, 1863, by 78 to 64. With 
 the signature of the President, on February 25, 1863, 
 the National Currency Act, as it was then called, 
 went into operation, 
 
 Hon. Hugh McCulloch, the first Comptroller of 
 the Currency, in his report of November 28, 1863, 
 pointed out several defects in the law. Beginning on 
 March i, 1864, the subject was again before Con- 
 gress. After a long and acrimonious debate in both 
 Houses, the revised measure was passed and signed 
 by the President on June 3, 1864. Since that date 
 various supplementary projects and amendments have 
 at times engaged the attention of Congress, and little 
 by little this legislation has been modified, extended, 
 and improved.* 
 
 * Some of the features which have been incorporated or 
 revised in the law, are the provisions for reports at the discretion 
 of the Comptroller, the distribution of the circulation, its increase 
 and decrease, the change of the name of the act to the National 
 Banking Act, the abolition of redemption agencies, the establish- 
 ment of a central bureau for this purpose in the United States 
 Treasury, the methods of examination, the Resumption Act of 
 1875, the sale of bonds, the over-certification of checks, the 
 measures of 1881, by which the banks were in effect obliged to buy
 
 The National Banking Act 45 
 
 Without elaborating on this gradual evolution, it 
 may nevertheless be permissible to recall the main 
 fact, how well the national banking system has fulfilled 
 the anticipations of its earliest advocates, and how ill- 
 founded were the fears and misgivings of those who 
 opposed its inauguration or hesitated to accept it. 
 Its initiation in the midst of the din of arms signalized 
 the opening of a new epoch in the economic develop- 
 ment of the nation. With the adoption of this 
 measure, which afforded the banking interests, 
 without favor or prejudice, the opportunity for uni- 
 formity, and extended to them the care and regulation 
 of the national government, the death-knell to the 
 heresies and blunders of the different states Avas 
 sounded. Both the motives and possibilities of that 
 peculiarly unjustified and banefully destructive com- 
 petition among various localities were removed. A 
 single standard of conduct and a code of morals were 
 evolved. To those institutions, which availed them- 
 selves of the privileges of the law, the government 
 affixed the badge of respectability, while to their 
 patrons were pledged its guarantee of good faith, 
 honest dealing, and the highest confidence inspired 
 by integrity. Not only the direct results felt by the 
 
 additional bonds, the act of 1882 for the extension of the corporate 
 existence of national banks, the deposit of public moneys, and the 
 creation of central reserve cities. An important usage, developed 
 by the banks themselves, is the employment of clearing-house 
 certificates, by which the institutions in many of the large cities 
 have devised a means of mutual aid in periods of financial 
 distress.
 
 46 The First National Bank of Chicago 
 
 establishment of several thousand national banks were 
 remarkable, but the reform effected in state banking 
 laws themselves must likewise be reckoned almost as 
 important. 
 
 The capital of the 4,357 national banks in opera- 
 tion on February 25, 1902, was $667,381,231; their 
 surplus, $294,95 1 ,786.67 ; their undivided profits were 
 $154,653,757.79; their total resources, $5,843,048,- 
 720.14; their total deposits, $3,827,172,326.28; their 
 loans and discounts, $3,128,627,094.44. Notwith- 
 standing the magnitude of these figures, far in excess 
 of any dreamed by those who antagonized the original 
 project, the dire forebodings then expressed have not 
 been justified. On the other hand, every declaration 
 made by its champions has been realized. In the 
 words of Senator Sherman, "A uniform currency has 
 been established; a feeling of nationality has been 
 encouraged ; the credit and faith of the country have 
 been maintained unimpaired."
 
 THE FIRST NATIONAL BANK 
 OF CHICAGO
 
 / 
 
 EDMUND AIKEN.
 
 CHAPTER V 
 
 THE FIRST NATIONAL BANK OF CHICAGO 
 
 First Organization, 1863- 1882 
 No. 8 
 
 The financial conditions existing in Chicago at the 
 outbreak of the Civil War were not in the least flatter- 
 ing. Although in November, i860, the situation had 
 been most auspicious, yet within two months after that 
 date, by reason of the decline in southern securities, 
 the notes of Illinois banking corporations were at a 
 serious discount ; and local banks unanimously refused 
 to accept those which were considered the most doubt- 
 ful in value. In January, 1861, the legislature passed 
 the act prescribing that only United States and Illinois 
 stocks should be available for deposit with the auditor. 
 While in a few instances the institutions affected were 
 able to comply with this requirement, the result for 
 the most part was the voluntary liquidation of the 
 state organizations. 
 
 At the end of 1861 the banks doing business under 
 the laws of Illinois, and located at Chicago, were the 
 Marine Bank of Chicago; the Union Bank of Boston 
 (Ruxton & Co., agents); the Grundy County Bank of 
 Morris; the Sycamore Bank of Sycamore; the Pro- 
 ducers' Bank of McLeansboro (H. Doolittle was agent 
 
 49
 
 50 The First National Bank of Chicago 
 
 of the last three named institutions) ; the Treasury 
 Bank of Griggsville (Western Marine and Fire In- 
 surance Co., agents); and Reaper's Bank of Fairfield 
 (Merchants' Savings Loan and Trust Co., agents). 
 About this time the legislature also suggested the 
 charter of an Illinois State Bank, but this proposition, 
 when submitted to popular vote, was rejected by a 
 large majority. 
 
 The total volume of the notes of all the banks 
 having ofifices at Chicago was slightly less than $150,- 
 000, a sum utterly insufificient to satisfy the demands 
 of the community; hence bills issued outside of the 
 state, and not redeemable within its boundaries, were 
 necessarily put in circulation. Indeed the city was 
 soon notorious as the center from which great quan- 
 tities of this paper were scattered broadcast. Thus 
 the people suffered, trade was uncertain, and business 
 was prosecuted for the next eighteen months under a 
 cloud of difificulties. 
 
 Meanwhile the discussion of the proposed National 
 Currency Act was progressing at Washington, and the 
 divergence of opinion, aroused throughout the coun- 
 try by its consideration, was showing that many 
 well-informed financiers were looking forward to an 
 improvement in monetary affairs, should such a meas- 
 ure ever become law. Some of these men resided in 
 Chicago, and during the winter of 1862-63 they fre- 
 quently met and talked over the prospects of the pro- 
 jected legislation. Prominent among them were
 
 First Organization, 1863-1882 51 
 
 Edmund Aiken, then about fifty years of age, and 
 sole member of the private banking firm of Aiken & 
 Norton; Samuel M. Nickerson, a young man of thirty- 
 two, who had only recently arrived here, and was 
 temporarily engaged in the distilling business; Byron 
 Rice, a capitalist; Samuel W. AUerton, a packer; 
 Benjamin P. Hutchinson, a member of the Board of 
 Trade, and several others. The place of these infor- 
 mal gatherings was usually at the of^ce of Aiken & 
 Norton, in Room i of the old Board of Trade Build- 
 ing on the northeast corner of La Salle and Water 
 streets. Chicago had at this time a population ap- 
 proximating 150,000, and it was evident to those 
 endowed with reasonable foresight that this city was 
 destined, as the years advanced, to a higher and 
 higher degree of prosperity. With such a flattering 
 future it was likewise apparent that the banking facili- 
 ties then existing, even in those days of civil strife, 
 were inadequate; moreover, the institution which 
 should first prove itself worthy of public confidence 
 would, when the war closed, have an enormous advan- 
 tage over all competitors. The community had out- 
 grown its infancy; conditions had been modified; 
 there was not merely room for, but an urgent need of, a 
 well-organized bank, with ample capital and under a 
 management both honest and skilled in the theory 
 and practice of banking. 
 
 The movement was opportune, and the men were 
 thoroughly fitted to grasp its possibilities. With the
 
 52 The First National Bank of Chicago 
 
 passage of the National Currency Act, and its approval 
 by the President, the little group of Chicagoans felt 
 that the hour for action had come. Not a single day 
 was needlessly lost in perfecting their plans. The full 
 story of the preliminary negotiations cannot now be 
 told, for time has laid its unsparing hand on some 
 who might have recalled many entertaining reminis- 
 cences, while others, who still survive, daily engrossed 
 for well-nigh forty years in the tumult and confusion 
 of the busy, exciting city, cannot more than sketch 
 from clouded recollection the bare outline of events. 
 The first step of which ofificial record exists is the 
 meeting of the interested parties, presumably in the 
 office of Aiken & Norton, on May i, 1863. Upon 
 that occasion formal articles of association, as pre- 
 scribed by law, were adopted. The chief provisions 
 were: that the name of the corporation should be 
 "The First National Bank of Chicago"; that the 
 capital should be $100,000, and might be augmented 
 to a sum not in excess of $1,000,000; a two-thirds 
 vote of the board of directors being always requisite 
 for such a purpose; the additional stock to be distrib- 
 uted pro rata among such of the stockholders as might 
 wish to take their respective shares. Thirty per cent 
 of the original subscriptions was to be taken and paid 
 for at once, and the remainder at such times as should 
 thereafter be determined. The directors were fixed 
 at nine, their qualifications to be the ownership of 
 stock equivalent in value to five per cent on the first
 
 First Organization, i 863-1 882 53 
 
 $100,000, and one per cent upon any increase of capi- 
 tal over such amount. The day set for the election 
 of the first board was May 7, 1863, the members then 
 to be chosen to serve until the second Tuesday in 
 January, 1864, whereupon they should be annually 
 elected. The term for which the association was 
 formed was limited to expire on April 30, 1882, being 
 nineteen years from the date of this instrument. The 
 signers and the number of shares held by each of them 
 were, respectively: 
 
 Shares. Shares. 
 
 Edmund Aiken - - 175 Samuel M. Nickerson - 100 
 
 Byron Rice - - 50 Samuel W. Allerton - 100 
 
 Benjamin P. Hutchinson 175 John B, Sherman - - 100 
 
 Tracy J, Bronson - - 100 James C. Fargo - - 50 
 
 George N. Kennedy - 50 Samuel G. D. Howard - 100 
 
 All, with one exception, were residents of Chicago; 
 George N. Kennedy lived at Syracuse, New York. 
 
 Pursuant to the articles of association, the stock- 
 holders again assembled, on May 7, 1863, at the office 
 of Aiken & Norton, and thereupon, apparently with 
 unanimity, elected as directors the following named 
 gentlemen: Samuel W. Allerton, Tracy J. Bronson, 
 Samuel M. Nickerson, Byron Rice, Benjamin P. 
 Hutchinson, Edmund Aiken, Samuel G. D. Howard, 
 James C. Fargo, and John B. Sherman. The board 
 thus constituted, having at once met, chose Edmund 
 Aiken president, and James C. Fargo vice-president. 
 Subsequently, on May 22d, Messrs. Hutchinson, 
 Howard, and Nickerson were appointed a committee
 
 54 The First National Bank of Chicago 
 
 to assist the president in completing the organization 
 and making other preliminary arrangements. On 
 May 27th, $30,000 of the capital having been paid 
 in, that fact was communicated to Hon. Hugh 
 McCuUoch, Comptroller of the Currency. The origi- 
 nal intention had been to open the doors of the estab- 
 lishment on June 1st, but some unexpected delays 
 occurred. The Comptroller likewise did not finally 
 act upon any of the applications before him until June 
 22d. On that date he empowered several banks to 
 begin business, signing almost simultaneously the 
 necessary authority. The First National Bank of 
 Chicago was the eighth institution to receive his 
 approval. On June 26th the board of directors voted 
 that the activities of the bank be inaugurated on July 
 I, 1863, in the rooms formerly occupied by Aiken & 
 Norton, which had already been secured for this pur- 
 pose. At the same time a resolution to increase the 
 capital to $250,000 was passed. Prior to this date, 
 James C. Fargo had sold his stock, and was thus 
 disqualified from holding office. To succeed him 
 as vice-president, Samuel M. Nickerson was, upon 
 motion of B. P. Hutchinson, chosen on June 29, 
 1863; then entering upon that period of indefatigable 
 service in behalf of the bank which was to extend over 
 more than a third of a century. At the same meet- 
 ing Edward E. Braisted was appointed cashier. 
 
 The Chicago Daily Tribune of June 30, 1863, con- 
 tained the following announcement :
 
 
 n 
 
 ninnii 
 
 
 r 
 
 s 
 
 » F 
 
 
 '•''WiiW*--"" 
 
 ^ K k ,1 
 
 Mi 
 
 ii 
 
 THE FIRST BUILDING OF THE FIRST NATIONAL BANK, 
 Southwest Corner La Salle and Lake Streets.
 
 First Organization, 1863-1882 55 
 
 " The First National Bank of Chicago goes into operation to- 
 morrow, July 1st, E. Aiken, Esq., President, and E. E. Braisted, 
 late of the Loan & Trust Co., Cashier. The stockholders are 
 among the most active and substantial business men, representing 
 our merchants, lumber, produce, and stock dealers, with a number 
 of our leading capitalists. The bank opens with a cash capital of 
 a quarter million of dollars, and a further increase will be added 
 as the wants of the business public shall require. The president 
 has long been known to the business community as one of our 
 most active and prudent bankers, and the stockholders and the 
 public are fortunate in the selection of a gentleman for so impor- 
 tant a position, who so thoroughly understands the business of the 
 city. The bank will open at the former ofifice of the president, 
 No. 22 La Salle street, immediately north of Coolbaugh & Co.'s 
 Bank, northwest corner of Lake." 
 
 From the day of its inauguration the institution 
 was accorded a favorable reception by the people, and 
 during the first three months of its existence, gradu- 
 ally gained strength. The earliest published state- 
 ment of its condition appeared on October i, 1863. 
 At the close of banking hours on the preceding day, 
 September 30th, the situation was: 
 
 ASSETS 
 
 Loans and discounts $149,650.00 
 
 United States bonds (par value) - - - - 91,000.00 
 
 Cash Resources: 
 
 Due from banks (Eastern exchange) $109,773.73 
 Checks for clearing house - - 68,597.12 
 
 Cash on hand . - - . 60,828.13 
 
 239,198.98 
 
 S479.848.98 
 LIABILITIES 
 
 Capital stock - 205,000.0c 
 
 Undivided profits - - 1,759.49 
 
 Deposits 273,089.49 
 
 $479,848.98
 
 56 The First National Bank of Chicago 
 
 Although the bank was already buying United 
 States bonds, not any circulating notes had yet been 
 received from the Comptroller of the Currency. How 
 insignificant the foregoing figures — while in themselves, 
 and for that day, of considerable moment — seem, as 
 compared with those contained in any recent report 
 of the same establishment. From such a modest 
 beginning one of the largest financial organizations on 
 the western hemisphere has within forty years devel- 
 oped. 
 
 The next incident of importance was the election 
 of E. G. Hall, on November 11, 1863, as a director to 
 succeed James C. Fargo, who had resigned. Already 
 the rooms occupied by the bank were becoming too 
 small, and unfitted for its growing business; the officers 
 were looking for new quarters. At the meeting of the 
 board, December 8th, the action of the president in 
 leasing a portion of the main floor in the Exchange 
 Block, at the southwest corner of Clark and Lake 
 streets, for five years, at an annual rental of $4,000, 
 was approved. This address remained unchanged 
 until the end of 1867. On the same day the directors 
 also passed a resolution ordering from the Comptroller 
 of the Currency the sum of $200,000 in circulating 
 notes. The second statement issued, showing the 
 aspect of affairs on December 30, 1863, exhibited 
 steady progress along all lines. It follows:
 
 First Organization, i 863-1 882 57 
 
 ASSETS 
 
 Loans and discounts $276,987.53 
 
 United States bonds (par value) ... - 176,000.00 
 
 Furniture and fixtures 201.62 
 
 Cash resources: 
 
 Due from banks (Eastern exchange) $64,141.73 
 Checks for clearing house - - 89,303.09 
 
 Cash on hand 130,251.32 
 
 Due from directors ... 6,000.00 
 
 289,696.14 
 
 $742,885.29 
 
 LIABILITIES 
 
 Capital stock paid in $300,000.00 
 
 Undivided profits 11,699.49 
 
 Due United States Treasurer 195,046.72 
 
 Deposits 236,139.08 
 
 $742,885.29 
 
 The totals were thus very nearly $300,000 in excess 
 of those indicated only six months previously. 
 
 The first regular annual election of directors was 
 held on January 12, 1864. It may not be without 
 interest to mention the names of the stockholders and 
 the number of shares respectively held by them at that 
 time. The secretary of the meeting reported the vote 
 cast by those present or represented by proxy as 
 follows : 
 
 Shares. Shares. 
 
 E.Aiken . - - - 212 M. Talcott - - - 100 
 
 Byron Rice - - - 70 Samuel G. D. Howard 70 
 
 Henry M. Wilmarth - 30 W. N. Brainard - - 50 
 
 Benjamin P. Hutchinson - 300 George C. Walker - 50 
 
 E.G.Hall - - - 70 Tracy J. Bronson - - 150 
 
 T. H. Seymour - - 50 Samuel W. Allerton - 150 
 
 S. B. Roath - - - 30 Henry M. Shepard - - 50 
 
 John M. Williams - - 50 Samuel M. Nickerson - 100 
 
 A. Hurd - - - 50 Horace M. Singer - - 100
 
 58 The First National Bank of Chicago 
 
 Whereupon it was announced that Messrs. Edmund 
 Aiken, Benjamin P. Hutchinson, Samuel W. AUerton, 
 Samuel M. Nickerson, Byron Rice, Samuel G. D. 
 Howard, Tracy J. Bronson, John B. Sherman, and 
 E. G. Hall had been duly elected for the ensuing year. 
 The board immediately met and chose its former offi- 
 cers to succeed themselves. 
 
 As suggestive of the conservative views which then 
 prevailed among the managers, the resolution of the 
 directors of January 23, 1864, reciting that "no loan 
 shall be made with or without collateral to any indi- 
 vidual or firm to exceed $50,000 without the approval 
 of the board," should be noted. During the spring 
 of the same year the stock was gradually augmented 
 to $600,000. The bank was now on a healthy, sound, 
 and prosperous basis. The men who had brought it 
 into existence were naturally desirous of realizing some 
 direct return for their pains. Nor were they disap- 
 pointed, for on May 2, 1864, the first dividend was 
 declared. The net earnings for the period prior to 
 the preceding day, free of tax, were found to be equal 
 to sixteen per cent of the capital, while the holders of 
 the first three hundred thousand shares issued also 
 received pro rata the five per cent premium which had 
 accrued on the United States bonds. Such a result 
 of one year's work may well be envied by financiers 
 of the present generation. Soon afterward it was 
 determined to increase the volume of the circulating 
 notes, as soon as practicable, to $400,000.
 
 First Organization, 1863-1882 
 
 59 
 
 On October i, 1864, the principal items included 
 in the official statement were: Loans and discounts, 
 $809,730.94; United States bonds, $441,500; cash 
 resources, $681,819.65; capital stock paid in, $600,- 
 000; undivided profits, $66,752.88 ; circulating notes, 
 $320,000; deposits, $946,579.95. Again, on Novem- 
 ber 15, 1864, another dividend of ten per cent was 
 distributed. During this autumn the capital was fixed 
 at $750,000 and the circulating notes at $600,000 in 
 value. Augustus W. Wheeler was appointed assistant 
 cashier on November 7th. 
 
 The next year opened with memorable action by 
 the board of directors, when, on January 2, 1865, it 
 voted to increase the capital stock to $1,000,000, the 
 highest limit provided by the articles of association. 
 Under date of March 9th the cashier certified to the 
 Comptroller of the Currency that the full amount had 
 been paid; $100,000 of this additional sum was relin- 
 quished for allotment to new stockholders. Those 
 who subscribed, and the respective shares awarded 
 them, were: 
 
 Richards, Crumbaugh & 
 
 
 Tillinghast - 
 
 - $1,000 
 
 Shaw - - - - 
 
 SS.ooo 
 
 John McPherson 
 
 8,000 
 
 Grey, Marshall & Co, 
 
 8,000 
 
 J. S. Sharp & Co. - 
 
 - 8,000 
 
 William B. Keen - 
 
 5,000 
 
 Martin Ryerson 
 
 5,000 
 
 W.H.Crosby - 
 
 5,000 
 
 S. I. Glover - 
 
 - 5,000 
 
 Webster & Baxter 
 
 5,000 
 
 C.L. Wilson & Co. - 
 
 5,000 
 
 L. Barbour & Calvin 
 
 
 Fox & Howard 
 
 - 5,000 
 
 Day 
 
 5,000 
 
 Freeman, Burt & Co. 
 
 5,000 
 
 D. E. Crane - 
 
 5,000 
 
 Alonzo Richmond 
 
 - 3,000 
 
 Kirk - - 
 
 5,000 
 
 L. French & Co. 
 
 2,000 
 
 S. D. Kimbark 
 
 3,000 
 
 Gallup & Hitchcock 
 
 - 2,000 
 
 A. E. Bishop 
 
 2,000 
 

 
 6o The First National Bank of Chicago 
 
 Early stockholders, other than those elsewhere 
 mentioned, were William B. Phillips, Mancel Talcott, 
 William B. Kay, S. H. Smith, William Moore, J. N. 
 W. Sherman and George T. Williams. 
 
 On February lo, 1865, A. W. Wheeler severed his 
 connection with the management, having previously 
 resisfned as assistant cashier. The United States 
 Treasurer certified, February 24, 1865, that the bank 
 had on deposit bonds to the total of $632,000, of 
 which $572,000 were as security for circulation, and 
 $60,000 to cover public moneys in its possession. 
 Another important event was the approval of the 
 charter and constitution of the Chicago Clearing 
 House Association. By this act the institution 
 became a member of that organization. 
 
 A further semi-annual dividend of ten per cent was 
 declared for May 1st, it being the last paid at that 
 date. To conform with the more usually prevailing 
 practice a resolution was adopted in November, 1865, 
 that dividends should thereafter be payable on the 
 first days of January and July respectively.* 
 
 During 1865 there had not been any change in the 
 board of directors. At the beginning of 1866 all the 
 old members, except S. G. D. Howard, were re-elected ; 
 in his stead Franklin D. Gray was named. At this 
 same time the bank experienced another modification 
 
 * Not any further notice will be taken of this item in the text; 
 as the bank has regularly, with one or two rare exceptions, paid a 
 dividend to its stockholders twice, and more recently four times, 
 every year. A complete statement will be found in the appendix.
 
 SAMUEL M. NICKERSON.
 
 First Organization, 1863-1882 61 
 
 in its personnel through the voluntary retirement of 
 the cashier, E. E. Braisted. This gentleman had 
 rendered great service in helping to place it upon a 
 safe foundation. His successor does not appear to 
 have been at once selected. Charles J. Schmitt was, 
 however, appointed assistant cashier on January 9th, 
 and seems to have performed the duties of the higher 
 post during several ensuing months, until, on Decem- 
 ber 3d, Cornelius R. Field was chosen to fill it. 
 
 At the opening of the next year (1867), a serious 
 blow was sustained in the death of President Aiken, 
 who died suddenly of heart disease on January 12th, 
 being then in the fifty-fifth year of his age. Under 
 his management the institution had, within a brief 
 period, grown to be one of the financial leaders of the 
 West; its original projector, he had brought it to its 
 present prosperous condition. Hence, fear was natu- 
 rally expressed that his sagacity and counsel might be 
 missed. Fortunately, however, in the emergency, the 
 person well equipped and thoroughly fitted to assume 
 these arduous labors was at hand. On January 23, 
 1867, Samuel M. Nickerson was promoted to the 
 presidential chair, while Franklin D. Gray was elected 
 vice-president. For the next thirty years and more 
 these two men were associated in the direction of the 
 bank. For them both its interests became their chief 
 care. The one as the executive head, the other as his 
 adviser, counselor, and friend, strove long and strenu- 
 ously to advance the welfare of the corporation which
 
 62 The First National Bank of Chicago 
 
 they so ardently cherished. At the annual meeting 
 held this same month, in the place of Messrs. Bronson 
 and Sherman, George C. Walker and Mancel Talcott 
 were named for the board of directors. Subsequently, 
 on March 4th, Henry B. Lewis was designated to 
 succeed Mr. Aiken for the remainder of the unexpired 
 term. At a slightly later date (June 24, 1867) George 
 Webster was also chosen vice Benjamin P. Hutchin- 
 son, resigned. 
 
 The most important transaction of this era was the 
 purchase of the lot on the southwest corner of State 
 and Washington streets. Vice-president Gray, who 
 was charged with the negotiations, secured the trans- 
 fer of this piece of ground — measuring fifty-five feet 
 on State street by eighty-four feet on Washington 
 street — during the last week in March, 1867, for the 
 sum of $83,500, being equivalent to $1,500 per foot 
 on the State street frontage. The conditions of pay- 
 ment were one-fourth cash and balance in three equal 
 installments, payable one, two, and three years after 
 date, bearing interest at the rate of seven per cent 
 semi-annually. In September, a building committee, 
 consisting of Messrs. Nickerson, Walker, Gray, and 
 Talcott, was appointed. A fire-proof edifice was pro- 
 jected, which was furnished and occupied in the spring 
 of 1868. As described in Industrial Chicago: 
 
 "The old First National Bank building, on the southwest cor- 
 ner of State and Washington streets, was completed* in 1872 at a 
 
 ♦This should read "restored," as just stated in text. The building was 
 originally finished in 1868.
 
 THE SECOND BUILDING OF THE FIRST NATIONAL BANK 
 Southwest Corner State and Washington Streets.
 
 First Organization, 1863-1882 6;^ 
 
 cost of $295,000, $75,000 of which was spent on restoration after 
 the fire. It was considered a fire-proof house — iron, stone, and brick 
 being the exclusive material, but it did not prove itself so in the 
 presence of the great fire of 1871, for the inner vaults were the 
 only portions of the building untouched by fire. Part of the walls 
 fell in and the iron work was twisted or melted. It was a Floren- 
 tine building, with balustraded portico in cut-off and pediment 
 from the cornice. Prior to the introduction of modern houses the 
 old First National Bank was considered a rare architectural work, 
 and was spoken of in connection with the Palmer, Tremont, Field, 
 and other leading houses."* 
 
 At the close of business on December 31, 1867, the 
 principal items, as shown by the statement subse- 
 quently published, were: Loans and discounts, 
 $1,978,532,39; deposits, $2,125,069.83; capital, 
 $1,000,000; surplus, $100,000; profit and loss, $120,- 
 
 477-83. 
 
 The annual election of 1868 resulted in the choice 
 of the same directorate and of^cers. On March 
 2d, Byron Rice resigned from the board, and two 
 months later Henry H. Porter was elected to 
 succeed him. About this date Messrs. Gray and 
 Webster, together with the president, were, pursuant 
 to the provisions of the by-laws, as then lately 
 amended, appointed to serve as a "discount commit- 
 tee." 
 
 During the summer of 1868 a momentous change 
 in the personnel of the active managers occurred. On 
 July 13th the resignation of Cornelius R. Field, as 
 cashier, was accepted, to take effect on the first of 
 August following. Before the last mentioned day, 
 
 * Industrial Chicago, I., 155.
 
 64 The First National Bank of Chicago 
 
 Lyman J. Gage, then assistant cashier of the Mer- 
 chants' Loan and Trust Company, had been chosen 
 his successor. Thenceforth the names of Mr. Gage 
 and the First National Bank of Chicago were for many 
 years synonymous. 
 
 On September 7, 1868, the by-laws were again 
 revised so as to provide for a finance committee, in 
 the place of the discount committee, to be composed 
 of the president, cashier, and one other director, to 
 the care of which the details of financial policy were 
 intrusted, besides the authority to discount bills, 
 notes, and other evidences of debt, and to buy and 
 sell bills of exchange. Mr. Walker was thereupon 
 appointed as the third member. 
 
 At this time, among all the financial institutions of 
 Chicago, the First National Bank was, as it appears 
 from current statistics, in the lead in capital and sur- 
 plus; in loans and discounts, and in deposits, the 
 Union National Bank alone surpassed it. 
 
 In 1869 George C. Walker and Henry B. Lewis 
 retired from the board of directors, their places being 
 filled by Frederick Crumbaugh and Daniel Thomp- 
 son. Henry R. Symonds was, on January 4th, 
 chosen assistant cashier. About this same time 
 George D. Boulton, now vice-president, was em- 
 ployed as a book-keeper. 
 
 On October 9, 1869, the formal report to the Comp- 
 troller was as follows :
 
 First Organization, 1863-1882 65 
 
 ASSETS 
 
 Loans and discounts -....- $2,381,957.79 
 
 United States bonds (par value) - - - - 767,050.00 
 
 Building, fixtures, and furniture . . . - 312,885.05 
 Cash resources: 
 
 Due from banks - - - - $312,135.74 
 
 Checks for clearing house - 232,069.57 
 
 Cash on hand . . . - 555,872.53 1,100,077.84 
 
 $4,561,970.68 
 
 LIABILITIES 
 
 Capital stock paid in $1,000,000.00 
 
 Surplus fund 200,000.00 
 
 Other undivided profits 72,712.88 
 
 Circulation notes from Comptroller - . - 597,270.00 
 
 Deposits 2,691,987.80 
 
 $4,561,970.68 
 
 At the meeting of January 15, 1870, Edward F. 
 Lawrence and Lyman J, Gage were elected directors 
 to succeed Messrs. Hall and Webster. Henry H. 
 Porter was placed on the finance committee, and 
 Messrs. Nickerson, Porter, and Gage were appointed 
 to remodel the by-laws of the association. Owing to 
 the adoption of a policy of greater conservatism, the 
 loans and discounts, as well as deposits, at this date 
 show a distinct shrinkage; they were, respectively, 
 $1,862,262.91 and $1,793,167.56. 
 
 On January 10, 1871, the stockholders in annual 
 session adopted several amendments to the articles of 
 association, the principal provision being for such 
 increase of the capital as might be voted by a two- 
 thirds majority of the board of directors from time to 
 time until in the total it should aggregate $3,000,000.
 
 66 The First National Bank of Chicago 
 
 The number of directors was also fixed at not less than 
 five nor more than thirteen. All the retiring mem- 
 bers, with the exception of Daniel Thompson, were 
 re-elected; in his stead Benjamin F. Allen was chosen. 
 The same officers as heretofore were again named. 
 Subsequently, at a meeting of the board, on February 
 6th, a new series of by-laws was voted. 
 
 The great fire swept over the bank structure, 
 although the walls were left standing, and a portion 
 of the interior was unharmed. For temporary pur- 
 poses quarters were found,* but on January i, 1872, 
 business was again transacted in the old edifice, which 
 at that time had been thoroughly restored. The safes 
 and vaults had withstood the heat of the fiery furnace; 
 not a security, note, or paper of any value was 
 destroyed, and the books were intact. The special 
 committee appointed by the directors to ascertain the 
 total loss sustained, as the effect of this memorable 
 calamity, reported that it did not exceed $250,000, 
 of which $100,000 represented the damage to the 
 building. 
 
 During 1872 only one change occurred in the direc- 
 torate, Nelson Morris being elected to succeed 
 Frederick Crumbaugh. Charles Hitchcock was also 
 
 * First in the old Burlington Warehouse, at the corner of 
 State and Sixteenth streets, then in a building on Wabash avenue, 
 between Congress and Twelfth, and afterwards in a frame struc- 
 ture on the north side of Washington street between State 
 and Dearborn, some one hundred feet east of the latter thor- 
 oughfare, or to be more exact, on the site of the old Crosby Opera 
 House.
 
 
 RUINS OF THE FIRST NATIONAL BANK BUILDING 
 after the Great Fire.
 
 First Organization, 1863-1882 67 
 
 in August of this year appointed legal counsel, and 
 the City Bank of London was in June designated 
 as foreign correspondent. On December 25th the 
 sum of S 100,000 was transferred to the surplus fund. 
 The financial condition of the bank at the opening of 
 the next year, which was to be remarkable as one of 
 depression and panic, was excellent. The statement 
 made at the close of 1872 showed: 
 
 ASSETS 
 
 Loans and discounts $2,493,063.06 
 
 United States bonds (par value) - - -. - 675,800.00 
 
 Building, furniture, and fixtures ... - 264,361.38 
 
 Cash resources: 
 
 Due from banks (Eastern ex- 
 change) - - . . §549,058.04 
 
 Cash on hand .... 921,152.55 1,470,210.59 
 
 $4,903,435.03 
 
 LIABILITIES 
 
 Capital stock paid in .... §1,000,000.00 
 
 Surplus fund ----- 300,000.00 
 
 Other undivided profits - . - - 204,959.15 
 
 Circulation notes from Comptroller $602,300 
 
 Less amount on hand - - . 14,315 587,985.00 
 
 Dividend 250.00 
 
 Deposits .---.-. 2,810,240.88 
 
 §4,903,435.03 
 
 As showing the relative position of Chicago banks 
 at this time as compared with those in other cities the 
 next table may not be without interest :
 
 68 The 
 
 Fir: 
 
 ST National Bank of 
 
 Chicago 
 
 
 
 il 
 Z to 
 
 Capital 
 and 
 
 Individual 
 
 Deposits 
 of Other 
 
 31 
 
 
 
 Surplus. 
 
 Deposits. 
 
 Banks. 
 
 rt m a 
 111 
 
 
 ^■B 
 
 
 
 
 <2qS 
 
 New York 
 
 50 
 
 $92,163,877 
 
 $188,526,991 
 
 $75,433,200 
 
 286 
 
 Boston 
 
 49 
 
 60,340,325 
 
 40,841,919 
 
 16,274,348 
 
 94 
 
 Philadelphia 
 
 29 
 
 23.579.075 
 
 41,039,384 
 
 7.361.413 
 
 205 
 
 Chicago 
 
 19 
 
 10,681,885 
 
 19,469,985 
 
 8,071,967 
 
 259 
 
 Cincinnati 
 
 5 
 
 4,790,000 
 
 5.419.394 
 
 3,232,086 
 
 180 
 
 St. Louis 
 
 8 
 
 7,771,062 
 
 3,018,147 
 
 2,204,367 
 
 66 
 
 On February 28, 1873, the First National Bank of 
 Chicago had: Loans and discounts, $2,560,897.42 ; 
 deposits, $3,477,880.12. The worst days of depres- 
 sion did not come until autumn. Through their trials 
 and tribulations the institution passed unharmed and 
 intact. Not for a moment were its doors closed, or 
 the slightest hesitation shown in meeting the demands 
 of its depositors. While others were suspending, 
 or wavering between doubt and fear, it manfully 
 and promptly fulfilled every obligation. After the 
 crisis had been successfully weathered, its prestige 
 was so greatly enhanced that it was at once recog- 
 nized as the foremost bank in Chicago and the West. 
 To the fidelity and courage of the cashier, Lyman 
 J. Gage, the happy issue from these painful ordeals 
 was chiefly due, as is most fittingly testified in appro- 
 priate and eulogistic language upon the record book 
 of the association. With just pride he, in his official 
 capacity, made the following report, as specially re- 
 quired by the Comptroller of the Currency. This
 
 First Organization, 1863-1882 69 
 
 document, memorable in the history of the corpora- 
 tion, deserves reproduction here. 
 
 Special report of condition at close of business October 13th 
 and November ist, made to the Comptroller of the Currency No- 
 vember 10, 1873: 
 
 October 13th. November ist. 
 
 Loans (not including demand) - $1,772,435.02 $2,007,178.51 
 
 Demand loans - - . . 723,200.00 769,000.00 
 
 United States bonds on hand - 58,800,00 55,150.00 
 
 Due from reserve agents - - 306,923.15 265,309.99 
 
 Due from other banks and bankers 165,141.25 163,350.05 
 
 Exchange for clearing house - 252,389.73 349,304.22 
 
 National bank notes - - - 80,000.00 100,000.00 
 
 Fractional currency - - - 7,985.26 6,131.28 
 
 Coin 81,147.92 56,286.48 
 
 Legal tender 900,000.00 865,000.00 
 
 Capital $1,000,000.00 Si,ooo,ooo.oo 
 
 Circulating notes outstanding - 587,575.00 586,480.00 
 
 Deposits of all kinds - - - 3,149,622.14 3,421,273.42 
 
 Due to banks and bankers - 1,054,402.38 1,198,598.75 
 
 Questions. Answers. 
 
 Did your bank suspend currency payments? No. 
 Did your bank partially suspend currency 
 
 payments? No. 
 
 On what day did the bank suspend? Did not suspend. 
 
 After this date remarkably few changes occurred in 
 the membership of the board of directors. In 1874 
 H. M. Wilmarth succeeded B. F. Allen. In 1879 
 Horace M. Singer was elected in place of Mancel Tal- 
 cott, deceased. Mr. Talcott had died in May, 1878; 
 as "one whose long and devoted services were always 
 marked by the high qualities of personal integrity, and 
 intelligent appreciation of the true interests of the 
 institution," his loss was keenly felt.
 
 70 The First National Bank of Chicago 
 
 On December 26, 1873, the statement of the bank 
 showed the rapid strides which were being taken. 
 
 ASSETS 
 
 Loans and discounts $3>o5 1,649.53 
 
 United States bonds (par value) - - - - 737,388.66 
 
 Real estate, furniture, and fixtures - - - - 264,361.38 
 Cash resources: 
 
 Due from banks (Eastern ex- 
 change) $479,221.85 
 
 Checks for clearing house - 282,552.16 
 
 Cash on hand . . - . 1,038,927.92 
 
 1,800,701.93 
 
 $5,854,101.50 
 
 LIABILITIES 
 
 Capital stock paid in $1,000,000.00 
 
 Surplus fund 500,000.00 
 
 Other undivided profits 139,722.96 
 
 Circulation notes from Comptroller - - - 574,030.00 
 
 Dividend 40.00 
 
 Deposits 3,640,308.54 
 
 $5,854,101.50 
 
 The next few years were marked by steady pro- 
 gress. This advance cannot be better shown than by 
 a brief tabulated statement of the growth of deposits, 
 loans and discounts, capital and surplus during this 
 period. 
 
 Loans and Capital and 
 
 Deposits. Discounts. Surplus. 
 
 Feb, 27, 1874 $4,214,958.48 $3,470,196.67 $1,500,000 
 
 Mar. 1, 1875 5,769,946.78 4,349,568.71 1,600,000 
 
 Mar. 10, 1876 5,111,531.06 4,279,049.91 1,700,000 
 
 Jan. 20,1877 5,296,188.03 4,414,879.23 1,750,000 
 
 Mar. 15, 1878 5,941,899.03 3.745.257-33 1,750,000 
 
 Jan. 2,1879 6,832,921.56 4,488,334.71 1,750,000 
 
 Feb. 21,1880 11,237,102.98 7,635,477.12 2,000,000 
 
 Mar. 11,1881 13,397,281.65 8,619,956.45 2,000,000 
 
 Mar. 11,1882 17,322,467.83 10,414,081,50 2,500,000
 
 First Organization, 1863-1882 71 
 
 A notable event is the action taken on December 
 30, 1879, in reference to new quarters. At a meeting 
 of the board of directors, held on that day, Mr. Porter 
 called attention to the cramped appearance and the 
 existing inconveniences in the ofifice arrangements, and 
 it was voted : 
 
 Whereas, the increase of business of this bank imperatively 
 demands increase of room, and facilities to properly accommodate 
 it, therefore. 
 
 Resolved, that the president and cashier be and they are 
 hereby appointed a committee to ascertain and report upon the 
 feasibility of procuring more, whether by the alteration of present 
 building and purchasing adjoining lot, or by the sale of present 
 building and the purchase of new lot. 
 
 The project of enlarging the structure then occu- 
 pied by the institution was soon found impracticable; 
 consideration was therefore given to the selection of 
 another site. During the summer of 1880 the decision 
 was gradually reached that the northwest corner of 
 Dearborn and Monroe streets, where before the fire 
 the post-ofifice had stood, would be an admirable loca- 
 tion. This lot was school property. In the original 
 proposition made to the Board of Education it was 
 contemplated to take a lease for fifty years with an 
 additional option of twenty years, and to erect a fire- 
 proof building, of which the upper floor should be 
 rented to the board and to the public library. It was 
 also necessary to buy out the leasehold interest held 
 by J. H. Haverly in the old post-office building, 
 then known as the Haverly Theatre. Arrangements 
 had been completed in accordance with these plans.
 
 72 The First National Bank of Chicago 
 
 when in June, 1881, a change in policy, due to cer- 
 tain provisions of the National Banking Act, was 
 adopted. It was determined to organize, as a sub- 
 sidiary corporation, the "National Safe Deposit 
 Company," with a capital of $300,000, divided into 
 three thousand shares of $100 each. The bank in its 
 corporate capacity subscribed for $291,000 of this 
 stock, the remainder being taken by its directors as 
 individuals. The new company was substituted as 
 lessee in the pending transaction. The annual rental 
 for the lot during the first five years was fixed at six 
 per cent on a valuation of $345,000, and it was stipu- 
 lated that the edifice to be constructed should cost 
 not less than $300,000. This offer was accepted and 
 the agreement, as executed, began to run from July i, 
 1 88 1. Since then several reappraisements of the 
 ground have been made. The bank itself in time 
 took from the National Safe Deposit Company a 
 lease of the main floor of the block then immediately 
 erected. The new quarters were occupied on Novem- 
 ber 27, 1882. 
 
 Again to quote from Industrial Chicago: 
 
 "The First National Bank building is a six-story and base- 
 ment structure, Romanesque in style, with basement and first 
 story in vermiculated stone and the upper stories in pressed brick; 
 a Roman-Doric portico shows two polished granite columns on 
 either side corresponding with pilasters carrying a heavy entabla- 
 ture and balustrade. In the central and corner pavilions the 
 horizontal style of the recessed sections merges into the vertical. 
 The portico extends to the level of the second principal floor, and 
 piers in the corner project, corresponding with it, thus carrying 
 the high basement and first floor in one storj. The second ana
 
 THE THIRD BUILDING OF THE FIRST NATIONAL BANK 
 Northwest Corner Dearborn and Monroe Streets.
 
 First Organization, 1863-1882 73 
 
 third stories are also carried in one by pilasters, and the fourth, 
 fifth, and sixth are compressed into one story for architectural 
 effect; the two windows of the sixth story in each corner pavilion 
 and three in the central pavilion showing the round arch hnishing 
 a section. The cornice is becoming, and the parapets above it, 
 in the pavilions, render the sky-line perfect. This house occupies 
 the site of the 'Honest Building' which was restored after the 
 fire and used up to 1882, when it was torn down. The bank hall, 
 occupying the first floor, is lighted by a great court. While the 
 mural decorations and furniture are of the highest class, they are 
 lost in the business air which pervades this hall, so that to pick 
 them out one must visit the bank with that sole object."* 
 
 These same premises are still occupied by the insti- 
 tution, although from time to time the space used by 
 it has been enlarged. The latest modification of 
 interior arrangements was the removal, in 1 901, of the 
 foreign and bond departments to the basement, where 
 they now enjoy commodious quarters. 
 
 On November 7, 1881, resolutions were passed, in 
 accordance with which the capital stock was increased 
 to the sum of $2,000,000, the additional amount 
 required being rapidly subscribed. Thus the bank, 
 while approaching the original term of its existence, 
 was daily growing and developing in every direction. 
 Nor were those charged with the conservation of its 
 interests indifferent or ungrateful to the men upon 
 whom the routine labors fell. The corporation early 
 manifested its appreciation of faithful and arduous 
 service. A pleasing custom, soon observed by the 
 board of directors, was that of voting, upon the recur- 
 rence of every new year, substantial gifts to the officers 
 and employees who were toiling for success and greater 
 
 ♦Industrial Chicago, I., 175.
 
 74 The First National Bank of Chicago 
 
 achievement. This practice gradually arose, until at 
 the close of 1881 perhaps the largest sum ever thus 
 bestowed was appropriated; $20,000 was then distrib- 
 uted. Merit and ability were likewise always rewarded 
 by increase of salary and corresponding promotion. 
 Several instances might be cited of men, who from 
 the ranks, have risen to lucrative and controlling 
 positions. 
 
 With the advent of 1882 the association was neces- 
 sarily obliged to anticipate the early discontinuance of 
 its activities or at least its technical reorganization. 
 The hope had been cherished that Congress would 
 pass a measure enabling national banks to prolong the 
 term of their existence, or renew their charters upon 
 conditions which might permit them to retain their 
 corporate identity. But such action was not taken. 
 The bill for that purpose pending in the spring of 1882 
 was long and tediously debated. The first of May, 
 when the privileges of "The First National Bank of 
 Chicago, Number 8," would expire, was not many 
 weeks distant. After serious consideration, it was 
 therefore determined to be best that the institution 
 should go into voluntary liquidation. Its property 
 was offered for sale; it was resolved that its doors 
 should be closed on Saturday, April 29, 1882, and all 
 other requisite formalities were executed. Its assets, 
 of course, were without delay transferred to its legal 
 successor, thenceforth known as "The First National 
 Bank of Chicago, Number 2670." Finally the books
 
 First Organization, 1863-1882 75 
 
 were balanced and a complete settlement of affairs was 
 made, the stockholders, in conclusion, receiving 
 $294.12 for every share they held. 
 
 Such is the record of prosperity enjoyed by this 
 establishment during the period of its first organiza- 
 tion, extending from 1863 to 1882; of their success, 
 the men who attained it may well be proud. For 
 nearly twenty years they had wisely and diligently 
 worked in harmony; to another term of equal length 
 they were eagerly looking forward, for the second 
 corporation, while then by law newly created, was in 
 the personnel of its membership still one and the same. 
 The story of achievement is therefore only half told.
 
 CHAPTER VI 
 THE FIRST NATIONAL BANK OF CHICAGO 
 
 Second Organization, i 882-1 902 
 No. 2670 
 
 The new organization was completed on April 24, 
 1882, when the subscribers to the stock met, adopted 
 a series of by-laws, and elected a board of directors. 
 The incorporators, together with the number of shares 
 respectively held by them, were: 
 
 Shares. 
 
 Samuel M. Nickerson - 7,100 
 
 Lyman J. Gage - 2,334 
 
 George N. Culver - - 100 
 
 Matilda P. Nickerson 200 
 
 Thos. P. Smith - - 310 
 
 George W. Higgins - 350 
 
 Henry E. Sawyer - 200 
 
 Moses W. Gray - - 120 
 
 Roland C. Nickerson 20 
 
 Henry H. Porter - 300 
 
 Edward F. Lawrence - 220 
 
 Nathaniel K. Fairbank 300 
 
 Mary H. Talcott - 600 
 
 Horace M. Singer - 600 
 
 William W. Kimball 28 
 
 Samuel W. Allerton - 1,864 
 
 Jane A, Brooks - - 100 
 
 Shares. 
 
 Franklin D. Gray - - 450 
 
 Edward C. Sawyer - 60 
 
 Charles H. Curtis - - 100 
 
 Isaac Eldridge - - 40 
 
 Magdelina P. Sample - 50 
 
 George T. Smith - 300 
 
 Richard J. Street - - 12 
 
 Harry C. Sawyer - 10 
 
 Nelson Morris - - 1,000 
 
 Henry R. Symonds - 2,250 
 
 Henry M. Wilmarth - 400 
 
 Theodore A. Shaw - 100 
 
 Stephen B. Roath - - 100 
 
 Sarah Morris - - 172 
 
 John M.Williams - - 50 
 
 William J. Wilson - 100 
 
 George P. Sanford - 60 
 
 The total capital was thus $2,000,000, divided into 
 twenty thousand shares of $100 each. The articles 
 of association provided that the charter should run for 
 twenty years, or until April 25, 1902; that the capi- 
 
 76
 
 LYMAN J. GAGE.
 
 Second Organization, 1882-1902 77 
 
 tal might be augmented, upon certain conditions, to 
 a sum not to exceed $10,000,000, and that the num- 
 ber of directors should be not less than five nor more 
 than fifteen. The first board chosen consisted of 
 Samuel M. Nickerson, Edward F. Lawrence, Nelson 
 Morris, Franklin D. Gray, Henry H. Porter, Lyman 
 J. Gage, Samuel W. Allerton, Henry M. Wilmarth, 
 Horace M. Singer, and Henry R. Symonds, all of 
 whom, but the last named and additional member, 
 had served under the old regime. When the directors 
 assembled they elected Samuel M. Nickerson presi- 
 dent, and Franklin D. Gray vice-president. Lyman 
 J. Gage was appointed cashier, and Henry R. Symonds 
 assistant cashier. From this list of names it is at once 
 apparent that the present corporation was in every 
 respect not only the continuation but the counterpart 
 of its predecessor. Theoretically and legally they 
 were different entities, but practically they were one 
 and the same institution. On May i, 1882, John J. 
 Knox, the Comptroller of the Currency, authorized 
 the commencement of business under charter known 
 as Number 2670, and that day the bank reopened its 
 doors, in the same well-known quarters, the entire 
 assets having been already transferred by purchase 
 from the defunct to the new organization. 
 
 Aside from the radical change which had thus 
 occurred, this year was also in several respects 
 notable. Within one week after the events just 
 related, the decision was taken, on May 6, 1882, to
 
 78 The First National Bank of Chicago 
 
 increase the capital stock to $3,000,000, a resolution 
 which was speedily effected. The sale of the old 
 building on the southwest corner of State and Wash- 
 ington streets, for the sum of $230,060, was concluded 
 on June 5th. On June 20th the policy of declaring 
 quarterly dividends was adopted, the first of two per 
 cent being ordered payable at the end of that month ; 
 on the same day Henry M. Kingman was appointed 
 assistant cashier. One of the most important inci- 
 dents in the history of the association happened Sep- 
 tember 4, 1882. Upon this occasion Mr. Franklin D. 
 Gray resigned as vice-president, a position which he 
 had honorably and successfully held since 1867. 
 Lyman J. Gage, formerly cashier, was promoted to 
 be his successor. However arduous the duties of Mr. 
 Gage had heretofore proven, they were thenceforth to be 
 multiplied many fold; for the principal executive man- 
 agement was now confided to his care. Henry R. Sy- 
 monds was chosen cashier, Henry M. Kingman assistant 
 cashier, and Richard J. Street second assistant cashier. 
 About the same time a lease was negotiated with 
 the National Safe Deposit Company, whereby the 
 bank agreed to pay for the space occupied by it in the 
 new building, then completed, the sum of $18,000 
 quarterly. Possession of these quarters was taken on 
 November 27th. At the meeting of December 26th 
 the surplus of $100,000 was doubled, and an appro- 
 priation of $20,000 made for New Year's gifts to 
 worthy and meritorious employees.
 
 Second Organization, 1882— 1902 79 
 
 At the annual session of the stockholders on Janu- 
 ary 9, 1883, the board of directors was increased by 
 one additional member, and Augustus A. Carpenter 
 was chosen to fill the place. In the spring the bank- 
 ing rooms were first lighted with electricity. The 
 generally excellent facilities then enjoyed for doing 
 business are evidenced by the national bank examiner, 
 who writes, "The ofifice arrangements are far superior 
 to those of any other institution in the country." 
 The rule of requiring all employees to give bond was 
 likewise now adopted. An additional sum of $100,- 
 000 was, in December, carried to the surplus fund. 
 Otherwise the year was uneventful in the domestic 
 affairs of the corporation. Attention should never- 
 theless be directed to the fact that the bank, as appears 
 from a comparison of the reports submitted to the 
 Comptroller of the Currency, then attained fourth 
 rank among all the financial establishments of the 
 United States. 
 
 During 1884 not anything of importance, save the 
 further increase of the surplus by $100,000, is to be 
 noted. The statement of condition made in Decem- 
 ber, 1884, showed : 
 
 ASSETS 
 
 Loans and discounts $10,068,871.00 
 
 United States bonds (par value) - - - 80,600.00 
 
 Other bonds and stocks (market value) - - - 544,850.00 
 
 Bank building 500,000.00 
 
 Cash resources: 
 
 Checks for clearing house ) o o 
 
 Cash on hand \ ' ' ' ^'^^3.339-oo 
 
 $19,477,660.00
 
 8o The First National Bank of Chicago 
 
 LIABILITIES 
 
 Capital stock paid in $3,000,000.00 
 
 Surplus fund 400,000.00 
 
 Other undivided profits 350,607.00 
 
 Deposits 15,727,053.00 
 
 $19,477,660.00 
 The election of directors for 1885 resulted in the 
 return of the former members of the board ; but the 
 circle was soon to be broken, for on February 27th, 
 Henry M. Wilmarth was called to his last rest. For 
 eleven years he had faithfully conserved the welfare 
 of the institution; his associates in its management 
 united in testifying to "the high integrity and clear 
 appreciation of principle which marked his every act 
 and word in this relationship." In the following 
 autumn Eugene S. Pike was chosen to fill the vacancy. 
 At this time the official records first mention the 
 arrangement of the bank for serving its employees their 
 daily lunch in the building. In the report of the 
 national examiner, dated September, 1885, a para- 
 graph appears, wherein it is stated that a kitchen, a 
 dining-room, cooks, and stewards being provided, 
 "the entire force from president to janitor take their 
 midday meal on the premises." This scheme is still 
 in force. Before the close of the year an additional 
 $100,000 was carried to the surplus fund, and a contri- 
 bution of $500 voted to the memorial window to be 
 placed in the Second Universalist Church of Chicago 
 in memory of the late Mancel Talcott, who for a 
 decade was a member of the board of directors.
 
 Second Organization, 1882-1902 81 
 
 During 1886 the bank was silently but steadily 
 growing. On March 31st it joined with its associate 
 institutions in recommending to the Comptroller that 
 Chicago be designated, pursuant to the act of Con- 
 gress of March 3, 1887, as a central reserve city; such 
 action was taken in due course. Slightly later $250,- 
 000 Avas likewise added to the surplus, a similar 
 amount being once more appropriated for the same 
 purpose in June, 1888. 
 
 In January, 1888, Horace M. Singer retired, after 
 nine years' membership on the board of directors, and 
 Orville Peckham, long employed as special counsel, 
 was chosen to succeed him. Mr. Peckham served 
 until 1890, and again from 1891 to 1892. During 
 1889 cash prizes, aggregating in the total $600 annu- 
 ally, were also inaugurated, to be awarded to such 
 clerks as should, during any one year, prove them- 
 selves the most efficient, exact in their duties, and the 
 most apt in discovering errors. In order to determine 
 the recipients, a complete system of daily marking 
 was instituted. 
 
 Attention may here also be especially directed to 
 the bond and foreign departments, the business of 
 which was already at this date being kept entirely 
 separate and distinct from the other divisions of the 
 bank. 
 
 On December 11, 1889, the statement of condition 
 showed :
 
 82 The First National Bank of Chicago 
 
 ASSETS 
 
 Loans and discounts - $15,803,617.00 
 
 United States bonds (par value) - - - - 57,200.00 
 
 Other bonds and stocks (market value) - - - 881,550.00 
 
 Real estate, furniture, and fixtures - - - 500,000.00 
 
 Cash resources: 
 
 Checks for clearinghouse 
 
 Cash on hand 
 
 i - - . 12,357,180.00 
 
 $29,599,547.00 
 
 LIABILITIES 
 
 Capital stock paid in ----- - $3,000,000.00 
 
 Surplus fund 1,500,000.00 
 
 Other undivided profits 797,107.00 
 
 Deposits 24,302,440.00 
 
 $29,599,547.00 
 
 The very last day of the year $250,000 was again 
 voted to the surplus fund. 
 
 At the annual meeting of the stockholders on Janu- 
 ary 14, 1890, Norman B. Ream was elected a director 
 in the place of Mr. Peckham; otherwise the board 
 remained unchanged. One sign of rising prosperity 
 during the year was the increase in the rate of the 
 quarterly dividends from two and one-half per cent to 
 three per cent. For some time previously they had 
 been declared at the former figure. 
 
 When the board of directors met, on January 23, 
 1 89 1, to organize, the following letter from President 
 Nickerson was presented and read : 
 
 Chicago, January 22, 1891. 
 To THE Directors of the First National Bank of 
 
 Chicago. 
 
 Dear Sirs—Beiore proceeding to the election of ofificers for 
 the ensuing year, I wish to state that should you decide to elect me 
 president, it must be with the understanding and notice that I
 
 Second Organization, 1882— 1902 83 
 
 shall resign the office whenever Mr. L. J. Gage shall be relieved 
 from his duties as president of the World's Fair, and can devote 
 all his time to the affairs of this bank; and when that time 
 arrives I shall take pleasure in co-operating with you in elect- 
 ing him to take my place, if you then decide to do so. It 
 would be my desire to continue as a director of this bank, 
 and co-operate with you in working for its interests and success. 
 It is not my intention to engage in any other business. I have 
 arrived at a time of life when I feel it to be my duty to delegate 
 to younger heads and hands the responsibilities that are involved 
 in the position I have held in this bank for the past twenty-four 
 years as president, and four years previously as vice-president, 
 which covers the entire time since its organization in 1863. The 
 success which has attended this bank is known to you all. For 
 this I have to thank the directors and other officers, who, by their 
 advice and labor, have made this success possible. Thanking you 
 for your many evidences of confidence and good will, and hoping 
 that the future success of the bank may, under your direction, be 
 equal to or better than the past, I await your decision as indicated 
 above. 
 
 Yours very respectfully, 
 
 (Signed) Samuel M. Nickerson. 
 
 Mr. Nickerson was then re-elected to the presi- 
 dency. On June 30, 1891, he definitely and finally 
 resigned. The note then addressed to his associates, 
 read: 
 
 June 30, 1891. 
 To THE Directors of the First National Bank of Chicago. 
 Gentlemeti — Referring to my communication of January 22d 
 last, in which I stated, that if then elected president of this bank, 
 it would be with the understanding and notice that I should have 
 the privilege of resigning at any timie during the ensuing year; 
 that time has now arrived, and I hereby tender my resignation, and 
 ask its acceptance, to take effect on and after July 8th, next. 
 Yours respectfully, 
 
 (Signed) Sam'l M, Nickerson. 
 
 Whereupon the following resolution was unani- 
 mously adopted: 
 
 Resolved, that the thanks of the stockholders of this bank are 
 justly due to Mr. Samuel M. Nickerson for the efficient and faith-
 
 84 The First National Bank of Chicago 
 
 ful manner in which, for so many years, he has discharged the 
 duties of president of this institution. 
 
 In accepting his resignation this day tendered, this board 
 desires to place on record its high appreciation of his administra- 
 tion. We congratulate ourselves, however, that in his retirement 
 from the office of president, the bank will still retain in him as a 
 director the wise counsel which his long experience has so well 
 qualified him to give. 
 
 The board forthwith proceeded to elect Lyman 
 J. Gage president. The other officers then chosen 
 were: first vice-president, Henry R. Symonds; second 
 vice-president, Henry M. Kingman; cashier, Richard 
 J. Street; assistant cashier. Holmes Hoge; George 
 D. Boulton was appointed manager of the foreign 
 exchange and bond department. The resignation of 
 Henry H. Porter, who had been a director for thirteen 
 years, was likewise accepted, and Orville Peckham, as 
 heretofore noted, designated temporarily to succeed 
 him. 
 
 Before the close of the year another serious loss 
 was suffered in the death of the second vice-president, 
 Henry M. Kingman, who for a long period and in 
 several capacities had been in the employ of the bank. 
 He died on December 16, 1891. At the meeting of 
 the board, on the 29th of that month, appropriate 
 resolutions were unanimously adopted. They read in 
 part: 
 
 Resolved, that this board deeply feels that in him (Henry M. 
 Kingman) the bank has lost a long tried servant, in whom the 
 highest integrity was united with a clear and wide comprehension 
 of his work and responsibility as a banker and bank officer, and 
 admirable industry and address in the performance of that work. 
 As citizens in the same community in which he lived, we lament
 
 JAMES B. FORGAN.
 
 Second Organization, i 882-1902 85 
 
 his death as a loss which must be heavily felt in the wide sphere 
 of usefulness beyond that special field which he shared with us; 
 and individually we mourn him and remember him with affection 
 as a true and helpful friend. 
 
 At the opening of 1892 a new force entered the 
 councils of the institution. James B. Forgan, for- 
 merly cashier of the Northwestern National Bank of 
 Minneapolis, Minnesota, then became a director, and 
 likewise second vice-president. He was not, how- 
 ever, destined long to remain in this latter position, 
 for the way was soon free for his promotion. The 
 hand of time was being heavily laid upon those who 
 had faithfully and arduously served the interests of 
 the corporation. On March 26, 1892, the bank was 
 called to mourn Henry R. Symonds, its first vice- 
 president, who had been connected with it for nearly 
 a quarter of a century. The directors, at the sugges- 
 tion of Mr. Allerton, formally testified to their grief 
 in these words: 
 
 His clear comprehension of the great trust imposed upon 
 him; his earnest application to duty; his scrupulous regard for the 
 interests he represented; his prudence, fortitude, and courage, 
 made his official life most effective and valuable. 
 
 In due course James B. Forgan was chosen 
 first vice-president and Roland C. Nickerson was 
 selected to succeed Mr. Symonds on the board. 
 
 On October 25, 1892, the sum of $300,000 was 
 subscribed to the bonds of the Columbian Exposition, 
 this amount being the proportionate share of the insti- 
 tution upon the basis of a total of $2,300,000 to be
 
 86 The First National Bank of Chicago 
 
 contributed by all the banks of the city, reckoned at 
 the rate of five per cent on their capital and surplus. 
 At the close of the year $1,000,000 more was trans- 
 ferred to the last-mentioned fund. 
 
 During 1893 Frank E. Brown was elected second 
 assistant cashier. Owing to the large accumulation 
 of old books, papers, and records, a special storehouse 
 for them was erected about this time. 
 
 The statement of condition on December 19, 1894, 
 showed : 
 
 ASSETS 
 
 Loans and discounts $17,884,431 
 
 United States bonds (par value) - . . . 778,636 
 
 Other bonds and stocks (market value) - - - 1,605,378 
 
 Real estate, furniture, and fixtures - - - - 675,000 
 Cash resources: 
 
 Checks for clearing house ) -..^^r-,.. 
 
 Cash on hand \ ' ' ' "^4^725^ 
 
 $35,668,686 
 
 LIABILITIES 
 
 Capital stock paid in 3,000,000 
 
 Surplus fund 3,000,000 
 
 Other undivided profits ------ 316,135 
 
 Deposits 29,352,551 
 
 $35,668,686 
 
 Throughout 1895 the continued depression in all 
 lines of business was severely felt. For a number of 
 years the institution had phenomenally prospered. 
 Hence it was without any grave misgivings that the 
 directors faced the existing financial crisis. Neverthe- 
 less they did not deceive themselves with any false
 
 Second Organization, 1882-1902 87 
 
 views or rosy-hued dreams. They met conditions as 
 they found them, and having decided to rid the books 
 of all doubtful and worthless assets, they resolutely 
 determined to take the stockholders into their full 
 confidence. To this end, after due deliberation, it 
 was, on August 2, 1895, voted: 
 
 Resolved, that the officers of this bank be, and they are hereby 
 directed to transfer one million of dollars from the credit of sur- 
 plus account to the credit of profit and loss account, and then to 
 charge into the latter account such items of real estate as have 
 been taken by the bank in settlement of claims; also such items 
 of impaired notes and bills as may in their opinion be bad, or such 
 proportion thereof as they may deem necessary to bring the same 
 to the value of a fair cash realization, together with any items of 
 stocks or bonds of doubtful value; and they are hereby directed 
 to make a full report of all such items as charged at the next 
 regular meeting of this board. 
 
 Resolved, that the address to stockholders indicative of this 
 action, here submitted by the president, be adopted and spread 
 upon the records, and a copy thereof be sent to the stockholders, 
 to wit: 
 
 Chicago, III., July 30, 1895. 
 
 We submit herewith, for information of shareholders, the 
 following statement of facts: 
 
 This bank (present organization) began business M^y i, 1882, 
 practically thirteen years ago. Since that date it has paid: 
 
 To shareholders in the way of dividends - - - $4,245,000 
 
 In city, county, and state taxes for its shareholders - 792,000 
 
 It has to the credit of surplus account - - - - 3,000,000 
 
 And in undivided profits 215,000 
 
 Total net earnings ------ $8,252,000 
 
 Average earnings per year, say - - . . 634,000 
 Average annual percentage of profits on its capital of 
 
 $3,000,000 21.13^ 
 
 Average dividends paid to shareholders - - - 10.88^ 
 
 Average dividends for last six years - - - - 12.00J6 
 
 It has now been determined by the directors to transfer 
 $1,000,000 from surplus account to the credit of profit and loss, and 
 then charge into the latter account items of impaired bills, stocks of
 
 88 The First National Bank of Chicago 
 
 uncertain value, together with sundry items of real estate falling 
 into the bank's hands through settlement of claims, etc., so that 
 such items will no longer be reckoned as live assets of the bank, 
 but as realized upon, will again appear to the credit of profit and 
 loss in the amount of their actual realization. With the million 
 dollars put aside out of the accumulated profits and thus applied, 
 the result of the bank's business as to profits would appear as 
 follows: 
 
 Profits paid in dividends §4,245,000 
 
 Profits paid in taxes 792,000 
 
 To credit of surplus account 2,000,000 
 
 To credit of profit and loss 215,000 
 
 $7,252,000 
 
 Average net profit per "annum 557,846 
 
 Average per cent of earnings on capital of $3,000,000 18.595? 
 
 The officers and directors are moved to this action by a desire 
 to keep the assets clear of doubtful values. With the usual aver- 
 age of surplus earnings in excess of dividends made, the directors 
 believe that such items of doubtful value might be taken care of, 
 as actual loss is defined, but they think it better to adopt the 
 bolder, broader policy herein indicated. The growing burden of 
 taxation is severe enough if levied only against absolute value. 
 The reduction of surplus should save one-sixth of the local taxes, 
 the full amount of which last year was $90,250. 
 
 We have been passing through a period of shrinking values and 
 commercial depression, unparalleled in twenty years. Whether 
 this period is fully past cannot yet be determined with certainty. 
 Until so determined it will be our policy to restrict operations and 
 to carry large cash reserves against all contingencies. Net profits 
 may be somewhat less than could be desired, but we see no reason 
 why our established rate of dividend, three per cent, quarterly, 
 cannot be continued, with a growing balance to the credit of profit 
 and loss account at each quarterly period. 
 
 This action placed the institution on a thoroughly 
 sound basis. There was no undue inflation. Every 
 figure was warranted by the facts, and the road was 
 again clear for further unimpeded advancement. 
 Toward the close of this same year (1895) an arrange- 
 ment was perfected with the other banks in the clear-
 
 Second Organization, i 882-1902 89 
 
 ing house approving the use of clearing-house certifi- 
 cates, in case of need, but none were issued. 
 
 Upon the election of Mr. McKinley in 1896, it was 
 at once suggested that Mr. Gage should enter the new 
 cabinet as the recipient of the treasury portfolio. In 
 due time the offer was made and accepted. The 
 assumption of this post naturally necessitated the 
 severance of his relations with the bank. At a meet- 
 ing of the board of directors, held on February 11, 
 1897, the following communication was read: 
 
 February i, 1897. 
 To THE Board of Directors of the First National Bank 
 OF Chicago. 
 
 In view of the public duties to which I have been called, I now 
 beg to hereby tender my resignation as president of this bank, and 
 as a director thereof, the same to take effect at your pleasure and 
 convenience, but if possible, not later than February 15th, next. 
 With profound appreciation of the confidence and favors shown 
 me by the stockholders, directors, and associated off.cers of this 
 bank, through so many years, I remain. 
 
 Very truly yours, 
 
 (Signed) Lyman J, Gage. 
 
 It was thereupon unanimously voted : 
 
 Whereas, Lyman J. Gage, president of this bank and a mem- 
 ber of this board, has tendered his resignation of both positions in 
 order that he may enter the Cabinet of President McKinley: 
 
 Therefore resolved, that, deferring to his wish, which we are 
 aware signifies no selfish preference, but springs from a high 
 sense of public duty, we hereby accept these resignations, to take 
 effect at the close of business February 15th next, the time men- 
 tioned by him. In thus yielding to ihe request of Mr. Gage to 
 sever a connection that has existed for thirty years, and submitting 
 to the deprivation of his counsel and official direction in the man- 
 agement of the bank, we desire to bear testimony to the universal 
 respect and affection felt for him by all his associates, as well as 
 to express our appreciation of the tact, ability, and probity which 
 he has so faithfully used to develop the strength of this institution,
 
 90 The First National Bank of Chicago 
 
 and which with his many other rare qualities signalize him as a 
 citizen. 
 
 As he leaves us to become Secretary of the Treasury, a position 
 for which his peculiar fitness has been so generally recognized 
 by the whole country, we are filled with the hope that his efforts 
 in the broad field of national affairs will be marked by the same 
 success that has distinguished his career as a banker. 
 
 Resolved, that this resolution be spread upon the records of 
 the bank, and that a copy be given to Mr. Gage. 
 
 With the retirement of Mr. Gage from all connec- 
 tion with the bank, it was expected that James B. 
 Forgan would succeed him as the head of the institu- 
 tion, but owing to the condition of this gentleman's 
 health at that time, and his enforced absence for this 
 reason in Europe, the immediate fruition of these 
 plans was deemed impracticable. A temporary ar- 
 rangement was therefore reached in the resumption of 
 the presidency by Samuel M. Nickerson and the con- 
 tinuance of James B. Forgan as vice-president, with 
 the understanding that the latter would be elected to 
 the presidency as soon as his health should have suffi- 
 ciently improved. George D. Boulton, who had for 
 many years been serving in various capacities, was 
 chosen to succeed Mr. Gage on the board of directors, 
 and was likewise elected second vice-president. 
 
 The ensuing years were marked by steady growth 
 along all lines; figures alone accurately show what was 
 being accomplished. The leading items as taken from 
 the books, approximately at the same date in 1896, 
 1897, 1898, and 1899, were as follows:
 
 Second Organization, 1882-1902 91 
 
 Loans and Total 
 
 Discounts. Deposits. Footings. 
 
 Dec. 17, 1896 $15,522,394.71 $26,581,929.25 $31,829,434.48 
 
 Dec. 15, 1897 20,093,591.04 37,622,903.87 42,869,080.03 
 
 Dec. I, 1898 21,626,167.98 41,136,043.13 46,389,319.95 
 
 Dec. 2, 1899 24,824,263.73 43,630,069.54 49,135,925.21 
 
 In December, 1898, the bank suffered an irrepa- 
 rable loss in the death of Edward F. Lawrence, who, 
 since 1870, had sat ahnost continuously on the board 
 of directors, and had, during that entire period, ren- 
 dered distinguished and valuable services. As a per- 
 manent record to the love and esteem in which he was 
 held, his associates ordered the following resolutions 
 spread upon their records: 
 
 Whereas, Edward F. Lawrence, a member of the board of 
 directors of the First National Bank of Chicago for nearly twenty- 
 nine years, has passed away, and rests from his labors. 
 
 Resolved, that we now express our deep and abiding sense 
 of the loss which has befallen this institution which he loved and 
 served, and ourselves as his colleagues and friends. His service 
 as a director was made of uncommon value by the excellence of 
 his business judgment, and the large measure of time which he 
 devoted to the bank willingly and without stint. His methods 
 were ever straightforward and honorable, bearing the mark of his 
 fine integrity and open and generous character. He won the con- 
 fidence of all who knew him by deserving it. He was a public- 
 spirited and useful citizen, giving freely of his time and means to 
 promote the best interests of Chicago. 
 
 Our personal loss is very great. His nature was cheerful and 
 sunny, winning easily the friendship of others, and endearing him- 
 self to them by his warm sympathy and ready help. We shall 
 miss him sadly, this good and kindly man. His death leaves an 
 ache in many hearts and no one can take his place with those 
 who loved him. 
 
 At the next annual meeting of the stockholders 
 George T. Smith was chosen a director to succeed Mr. 
 Lawrence.
 
 gi The First National Bank of Chicago 
 
 In the spring of 1899, at the instance of Vice- 
 President J. B. Forgan, an important step in accord 
 with modern thought and policy was taken, A com- 
 mittee was, on March 28th, appointed to consider the 
 feasibility of establishing a system of pensions for old 
 employees; if advisable, it was directed to prepare 
 and submit to the board the outlines of a plan to effect 
 this purpose. One month later a report favorable to 
 the project was presented, and the adoption of a set 
 of rules was recommended. 
 
 On October 31st Mr. Nickerson verbally stated to 
 the board of directors his intention again to retire from 
 the presidency at the beginning of the next year. 
 Before the close of 1899 another veteran of promi- 
 nence and distinction in its affairs also severed his 
 official connection with the institution. At the meet- 
 ing of December 26th the following communication 
 from Franklin D. Gray was read: 
 
 Chicago, III., Dec. 22, 1899. 
 To THE President and Directors of the First National 
 Bank. 
 
 Gentlemen — With sincere feelings of regret, I deem it my 
 duty to present my resignation as director in the First National 
 Bank, a position which I have had the honor of holding since the 
 bank was organized. With my best wishes for future success. 
 
 Very truly yours, 
 
 (Signed) F. D. Gray. 
 
 It was then, on motion of Mr. Allerton, seconded 
 by Mr. Carpenter: 
 
 Resolved, that the resignation of Franklin D. Gray, Esquire, 
 of his office as director in this bank, the same having been ten- 
 dered, be and hereby is accepted.
 
 Second Organization, 1H82-1902 93 
 
 Resolved, that in taking this action we desire to express to 
 Mr. Gray and to place upon our records our sense of the faithful- 
 ness and value of his long service, and to thank him therefor in 
 the name of the bank. He has been a director in the present 
 bank from the date of its organization, prior to which time he had 
 served the original First National Bank of Chicago since 1866 in 
 the same capacity, making a practically continuous service of 
 some thirty-three years. For fifteen years he was also vice-presi- 
 dent of the original bank. This long and honorable connection is 
 now severed with regret on both sides and at Mr. Gray's request; 
 and the thanks of this board in behalf of the bank are hereby 
 tendered to him. 
 
 Upon this same occasion, and in view of his im- 
 pending retirement from the active control, a formal 
 request was made of Mr. Nickerson that he sit for a 
 life-sized oil portrait to be hung upon the walls of the 
 president's room. In due course this picture was 
 painted and presented byhim as a gift to the institution. 
 
 On January 9, 1900, the stockholders elected Otto 
 Young to succeed Franklin D. Gray, resigned, and 
 Charles H. Conover in the place of Roland C. Nicker- 
 son, on the board of directors. Thereupon James B. 
 Forgan was chosen president ; George D. Boulton, 
 vice-president; Richard J. Street, cashier; Holmes 
 Hoge, Frank E. Brown, and Charles N, Gillett, assist- 
 ant cashiers ; Emile K. Boisot, manager of the foreign 
 exchange and bond department; John E. Gardin, 
 assistant manager of same department ; and Frank 
 O. Wetmore, auditor. 
 
 A momentous change was now on the eve of achieve- 
 ment. Consolidation of capital has become the pre- 
 vailing characteristic of the age. With the increase 
 in the magnitude of industrial corporations, the finan-
 
 94 The First National Bank of Chicago 
 
 cial interests of the country must keep pace. In order 
 to afford the accommodation at times required by 
 manufacturing and commercial estabHshments of the 
 first rank, the department of credit must be organized 
 on a similar scale. The appreciation of these self- 
 evident truths has necessarily demanded, as a con- 
 sequence, the extension of the facilities of banks, 
 notwithstanding the fact that they may already have 
 been in the enjoyment of large resources and the 
 best possible equipment. At the monetary centers 
 of the land the need of the day is most apparent 
 and the exigency the most pressing. Speedily and 
 efficaciously to satisfy these requirements it has seemed 
 most expedient in such instances to unite the energies 
 of two or more pre-existing institutions. During the 
 last few years this solution has received general accept- 
 ance; and to this end several of the more important 
 establishments in the leading cities have amalgamated. 
 In accordance with this tendency, the First National 
 Bank and the Union National Bank, both veterans 
 and old-time rivals in the financial world of Chicago, 
 entered into negotiations during the spring of 1900, 
 for the purpose of determining upon what basis they 
 might combine their forces. 
 
 In June, 1900, President Forgan, together with 
 Directors Smith and Young, were appointed on the 
 part of the former to meet the representatives of the 
 other bank for a preliminary discussion of the propo- 
 sition. Pursuant to the suggestion subsequently made
 
 Second Organization, i 882-1902 95 
 
 by this committee, a call was issued, on June 19th, to 
 the stockholders, summoning a special meeting for 
 July 24th, to consider the advisability of augmenting 
 the stock of the First National Bank to $5,000,000, 
 and for such other action as might be taken. 
 
 In the mean time Augustus A. Carpenter, a mem- 
 ber of the board for seventeen years, tendered his 
 resignation. 
 
 On the day appointed the stockholders assembled, 
 passed the requisite resolutions to fix the capital at 
 $5,000,000; and enlarging the number of directors to 
 fifteen, as provided in the by-laws, elected Messrs. 
 John H. Barker, William L. Brown, D. Mark Cum- 
 mings, and John A. Spoor, all formerly on the direc- 
 tory of the Union National Bank, as the additional 
 members. When the board, as thus increased in size, 
 met immediately afterward, its first action was the 
 acceptance of the resignation of Mr. Carpenter; 
 whereupon the following resolutions were adopted: 
 
 Resolved, that in accepting the resignation of Mr. A. A. 
 Carpenter, we desire to express to him our high appreciation of 
 him as a man and as a director of this bank during his long term 
 of service, and to thank him for these valuable services. He 
 entered the directory of this bank on January g, 1883, and has 
 served thereon continuously up to the present time. 
 
 We deem it a privilege to have been associated with him in 
 the bank's affairs, and the severance of this connection with us 
 causes deep feelings of regret. 
 
 Resolved, that the above resolution be placed upon the 
 records of this bank, and a copy thereof transmitted to Mr. 
 Carpenter. 
 
 David R. Forgan, lately president of the Union 
 National Bank, was then elected to fill the vacancy,
 
 g6 The First National Bank of Chicago 
 
 and further chosen senior vice-president. August 
 Blum, formerly cashier of the liquidating bank, was 
 likewise named one of the assistant cashiers to rank 
 second in point of seniority. 
 
 With these proceedings and the purchase of the 
 assets of the Union National Bank — the new stock of 
 the First National Bank, issued for such purpose, 
 being subscribed by the former stockholders of the 
 retiring institution — the amalgamation was effected. 
 As a record of the magnitude of the transaction and 
 the interests involved, it seems appropriate to show 
 the respective conditions of the two banks just prior 
 to this event. The statement of the First National 
 Bank on June 29, 19OQ, showed; 
 
 ASSETS 
 
 Loans $28,710,352 
 
 United States bonds (to secure circulation) - - 700,000 
 
 United States bonds (to secure U. S. deposits) - - 300,000 
 
 United States bonds on hand 234,550 
 
 Other bonds - 4,572,497 
 
 Cash and exchange 21,757,276 
 
 $56,274,675 
 LIABILITIES 
 
 Capital and surplus - $5,000,000 
 
 Undivided profits 673,802 
 
 Circulation 554i330 
 
 Deposits 50,046,543 
 
 $56,274,675 
 
 The Union National Bank, on the same date, re- 
 ported :
 
 Second Organization, i 882-1902 97 
 
 ASSETS 
 
 Loans - - $10,140,410 
 
 United States bonds (to secure circulation) - - 700,000 
 
 Other bonds - - 197,802 
 
 Cash and exchange 6,017,871 
 
 Real estate and fixtures 314,805 
 
 Premiums on United States bonds - - - - 3ii55o 
 
 $17,402,438 
 
 LIABILITIES 
 
 Capital and surplus $2,370,000 
 
 Undivided profits 74.703 
 
 Circulation - - 350,000 
 
 Deposits - - 14,607,735 
 
 $17,402,438 
 
 After the consolidation had been concluded, on 
 September 5, 1900, the statement of the reorganized 
 First National Bank read: 
 
 ASSETS 
 
 Loans $39,219,804 
 
 United States bonds (to secure circulation) - - 1,000,000 
 
 United States bonds (to secure U. S. deposits) - 300,000 
 
 United States bonds on hand ----- 174,080 
 
 Other bonds 5. 530.291 
 
 Cash and exchange 29,793,035 
 
 $76,017,210 
 
 LIABILITIES 
 
 Capital and surplus $7,000,000 
 
 Undivided profits ------- 1,517,040 
 
 Circulation 533.300 
 
 Deposits 66.966,870 
 
 $76,017,210 
 
 At the annual election of 1901 the first complete 
 board of directors chosen under the new regime was 
 composed of Samuel M. Nickerson, Samuel W. Aller-
 
 98 The First National Bank of Chicago 
 
 ton, Nelson Morris, Eugene S, Pike, Norman B. Ream, 
 James B. Forgan, George D. Boulton, George T. 
 Smith, Otto Young, Charles H. Conover, John H. 
 Barker, William L. Brown, D. Mark Cummings, John 
 A. Spoor, and David R. Forgan, all of whom, with 
 one exception, still continue to serve. The officers 
 then named were: president, James B. Forgan; vice- 
 presidents, David R. Forgan and George D. Boulton; 
 cashier, Richard J. Street; assistant cashiers. Holmes 
 Iloge, August Blum, Frank E. Brown, Charles N. 
 Gillett ; manager of foreign exchange and bond de- 
 partment, Emile K. Boisot; assistant manager, John 
 E. Gardin; auditor, Frank O. Wetmore; attorney, Or- 
 ville Peckham ; assistant attorney, James D. Woley. 
 
 In the practical working of the bank a slight change 
 subsequently occurred. On June 25, 1901, the for- 
 eign exchange and bond business was separated into 
 two distinct departments. Of the former John E. 
 Gardin was appointed manager, and Max May assist- 
 ant manager; of the latter Emile K. Boisot remained 
 in charge as manager. 
 
 Besides the various details of internal mechanism 
 already mentioned, the clerks' savings association 
 should not be forgotten ; on the deposits of all 
 employees who avail themselves of its privileges a 
 good rate of interest is paid. 
 
 As indicative of the magnitude of the transactions 
 of the bank during 1901, it may be noted that in that 
 year the average number of items handled each day
 
 Second Organization, 1882-1902 99 
 
 was 64,402 ; the total volume of business aggregated 
 $8,199,570,400; the out-of-town items collected daily 
 averaged 11,030; the clearings during the entire year 
 were $1,550,470,975.78, equivalent to $5,000,000 per 
 day. The total annual clearings of all the Chicago 
 banks were $6,799,535,598.36, showing that the share 
 of the First National Bank therein was more than one- 
 fifth, the exact percentage being 22.8%. 
 
 The tendency toward the amalgamation of financial 
 forces, as illustrated in the consolidation of the Union 
 National Bank with the First National Bank, was still 
 further exemplified in the spring of 1902 by the 
 absorption of the Metropolitan National Bank in the 
 latter institution. The management of the Metropoli- 
 tan — in itself of large proportions, as measured by the 
 standards of quite a recent day — deemed it for the 
 best interests of those identified with it to seek associ- 
 ation with some larger establishment. After a pros- 
 perous existence of eighteen years it was considered 
 advisable to combine its strength with that of its well- 
 known competitor. Thus it came to pass that after 
 the usual negotiations and formalities attendant upon 
 such a transaction the merger was accomplished. In 
 the last ofificially published statement, dated April 30, 
 1902, the Metropolitan National Bank showed assets 
 and liabilities as follows:
 
 loo The First National Bank of Chicago 
 
 RESOURCES 
 
 Loans and discounts - $14,727,611.61 
 
 Overdrafts secured and unsecured - - - 4,758.83 
 
 United States bonds (at par) . . . . 1,000,000.00 
 
 Other stocks and bonds 860,233.33 
 
 Due from banks - - - - $3,097,655.09 
 Cash and checks for clearing - 7,002,948.89 
 
 10,100,603.98 
 
 Due from United States Treasurer - - - 42,000.00 
 
 Total -.---.. $26,735,207.75 
 
 LIABILITIES 
 
 Capital stock paid in $2,000,000.00 
 
 Surplus fund and undivided profits - - - 1,626,287.98 
 
 National bank notes outstanding - - - - 834,150.00 
 
 Dividends unpaid 1,504.50 
 
 Deposits 22,273,265.27 
 
 Total $26,735,207.75 
 
 The First National Bank at the same date reported : 
 
 ASSETS 
 
 Loans and discounts ------ $45,192,862.53 
 
 United States bonds (par value) - - - 1,549,030.00 
 
 Other bonds and stocks (market value) - - 6,820,608.96 
 
 Cash resources : 
 
 Due from banks (Eastern ex- 
 change) ... - $14,067,980.08 
 Checks for clearing house - 2,373,712.28 
 
 Cash on hand - - - 17,441,007.33 
 
 Due from United States Treasurer 119,000.00 
 
 34,001,699.69 
 
 Total ------- $87,564,201.18
 
 Second Organization, i 882-1902 loi 
 
 LIABILITIES 
 
 Capital stock paid in $5,cxx),ooo.oo 
 
 Surplus fund 2,000,000.00 
 
 Other undivided profits - 1,768,892.94 
 
 Discount collected but not earned - - - 268,596,52 
 
 Interest accrued on interest bearing certificates - 5,738.61 
 
 United States bond account . - . . 200,000.00 
 Circulation notes received from 
 
 Comptroller . . . . $993,500.00 
 
 Less amount on hand - - - 202,810.00 
 
 790,690.00 
 
 Dividends unpaid ------- 3,654.00 
 
 Deposits 77,526,629.11 
 
 Total $87,564,201.18 
 
 After the consolidation, which was finally consum- 
 mated on May 31, 1901, the statement of the First 
 National Bank, so far as regards its principal items, 
 comprised approximately: 
 
 Capital $8,000,000.00 
 
 Surplus 6,000,000.00 
 
 Loans --...... 60,000,000.00 
 
 Deposits - 100,000,000.00 
 
 As a part of the arrangement for the union of the 
 two banks, Elbridge G. Keith, Adolphus C. Bartlett, 
 and William J. Watson, formerly directors in the 
 Metropolitan National Bank, were chosen to represent 
 the interests of the liquidating institution upon the 
 directorate of the First National Bank. Charles H. 
 Conover at the same time retired from the board of 
 the latter. All the former ofificers of the First National 
 Bank were retained ; of the gentlemen lately associ- 
 ated with the Metropolitan, other than those already 
 mentioned, Howard H. Hitchcock was elected a vice-
 
 I02 The First National Bank of Chicago 
 
 president, to rank third in seniority, and Edward 
 Dickinson an assistant cashier, likewise to be third 
 among those occupying such positions. 
 
 With the amalgamation of these two institutions 
 Chicago for the first time came into the possession of 
 a bank having a capital of $8,000,000, showing depos- 
 its approximating $100,000,000, and ranking as the 
 second largest financial establishment in the United 
 States. The First National Bank, by the acquisition 
 of two such important rivals in the field of Chicago 
 finance as the Union National and the Metropolitan 
 National, still retains the lead over all competitors in 
 the West, and is still ever pressing forward. 
 
 In a slight review of the activity of a single impor- 
 tant institution it is not practicable to obtain any 
 adequate idea of the scope and magnitude of its 
 transactions without constantly bearing in mind the 
 contemporaneous history of the nation. Very nearly 
 forty years have elapsed since the passage of the 
 National Banking Act, and the organization of the 
 First National Bank of Chicago under its provis- 
 ions. While some conception of the steady progress 
 which the bank itself has made during this period — 
 until now it has a balance sheet aggregating nearly 
 $115,000,000 — will be formed, it may still not be 
 realized, without momentary reflection, what a force 
 it has been in the advancement of the city and the 
 enormous tributary territory. While it has certainly 
 profited by the phenomenal growth of the community,
 
 Second Organization, 1882-1902 103 
 
 it has on the other hand contributed in no small meas- 
 ure to the extension of the trade and the development 
 of the material interests of those whom it serves. 
 Moreover, only consider that the inhabitants of the 
 entire Mississippi Valley, those dwelling in the states 
 west of the Alleghanies and east of the Rocky Moun- 
 tains, together with the peoples of the British domain 
 of Canada on the north, and the sister republic of 
 Mexico on the south, nay barely in a less degree, the 
 vast populations of Europe, Asia, and Africa, turn 
 hither as a center from which to draw their food sup- 
 plies. What a train of logical conclusions such a 
 thought inspires! 
 
 Chicago is the chief distributing point of the most 
 essential products required by humanity; the slightest 
 modification in the demand of the most distant land 
 reacts upon its welfare and fortune. The struggle to 
 attain the leadership in various branches of trade and 
 industry has been arduous, but not by any means 
 long, for has not the city grown from 150,000 in 1863 
 to 2,000,000 inhabitants in 1902? And how has this 
 proud ascendancy been achieved? As the result of 
 what exertions and by reason of what causes has this 
 metropolis reached its supremacy? What are the 
 strong foundations upon which not only that already 
 accomplished has been established, but on which by 
 far the greater superstructure of the future is yet to 
 be erected? 
 
 To those familiar with the intricate mechanism 
 behind this scene of activity the answer is not difificult
 
 I04 The First National Bank of Chicago 
 
 to formulate. The past progress and present position 
 of Chicago are in a great measure attributable to the 
 sound condition of its principal representatives in the 
 world of finance. Their strength has ever been recog- 
 nized and unchallenged. These institutions and those 
 associated with them not only hold the front rank by 
 virtue of the volume of their business, but have also 
 won universal recognition as safe and conservative, 
 while they are at the same time not the less thoroughly 
 equipped and fully cognizant of the needs and require- 
 ments of commercial and mercantile enterprise. 
 
 Without any desire or intention to eulogize the 
 First National Bank, it is believed that, with all due 
 propriety, some few words of satisfaction at its past 
 career can be uttered. After the perusal of the fore- 
 going pages scarcely any one will deny that by reason 
 of the excellent management which it has uninter- 
 ruptedly enjoyed, the high financial policy which it 
 has strenuously advocated, and the respect and esteem 
 of the community which it has never sacrificed, this 
 establishment has attained a reputation well merited 
 by its record and unsurpassed by any contemporary. 
 Ever jealous of the consideration which it has received, 
 striving for the future, and always anxious to conserve 
 the best interests of those who in any way are con- 
 nected with it, the First National Bank of Chicago, it 
 is modestly assumed, may still justly anticipate many 
 long years of public service. If the experience of the 
 past is a fair criterion upon which to hazard a predic- 
 tion, the greater fortune is yet before it.
 
 r*. 
 
 till- 
 
 JO noiifiluqo^ 
 
 IT A 1* '•
 
 Capital, Surplus and Undivided Profits 
 Deposits 
 
 Loans and Discounts 
 Population of Chicago 
 
 PYRAMID showing at different dates the relative proportions of the principal 
 items reported by THE FIRST NATIONAL BANK OF CHICAGO, and com- 
 pared V7ith the growth of the city. See note at foot of other chart.
 
 
 /g6 
 
 7y 
 
 ooo 
 
 ooo 
 
 
 7? 
 
 o ao 
 
 OOP 
 
 
 7Z 
 
 ooo 
 
 ooo 
 
 
 7/ 
 
 oao 
 
 ooo 
 
 
 10 
 
 ooo 
 
 ooo 
 
 
 (it 
 
 ooo 
 
 ooo 
 
 
 f,H 
 
 ooo 
 
 ooo 
 
 
 (,7 
 
 ooo 
 
 ooo 
 
 
 66 
 
 ooo 
 
 ooo 
 
 
 hi 
 
 Ooo 
 
 ooo 
 
 
 6V 
 
 ooo 
 
 ooo 
 
 
 h3 
 
 ooo 
 
 ooo 
 
 
 bZ 
 
 ooo 
 
 ooo 
 
 
 f^l 
 
 ooo 
 
 ooo 
 
 
 ho 
 
 ooo 
 
 OOQ 
 
 
 rlf 
 
 ooo 
 
 ooo 
 
 
 SK 
 
 ooo 
 
 one 
 
 
 SI 
 
 ooo 
 
 ooo 
 
 
 46 
 
 oo o 
 
 ooo 
 
 
 Sf 
 
 oo o 
 
 ooo 
 
 
 Sf 
 
 ooo 
 
 ooo 
 
 
 Si 
 
 ooo 
 
 ooo 
 
 
 52. 
 
 ooo 
 
 ooo 
 
 
 s/ 
 
 ooo 
 
 oaa 
 
 
 JO 
 
 ooo 
 
 ooc 
 
 
 ¥f 
 
 ooo 
 
 ooo 
 
 
 f8 
 
 ooo 
 
 ooo 
 
 
 1/7 
 
 ooo 
 
 ooo 
 
 
 4(^ 
 
 ooo 
 
 ooo 
 
 
 M'> 
 
 ooo 
 
 ooo 
 
 
 UU 
 
 ooo 
 
 ooo 
 
 
 V-3 
 
 ooo 
 
 ooo 
 
 
 tJ2 
 
 ooo 
 
 ooc 
 
 
 U/ 
 
 ooo 
 
 OOQ 
 
 
 ^o 
 
 QQo 
 
 009 

 
 
 
 /g63 
 
 /fi^f 
 
 IS7i^ 
 
 /87f 
 
 /gSii- 
 
 7881 
 
 ISIU 
 
 /fif?' 
 
 
 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 / 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 CHART 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 aoe 
 
 COJ? 
 
 
 
 
 J 
 
 
 it 
 
 £00 
 
 
 'H~ 
 
 U^LH 
 
 u^ 
 
 
 
 ~ 
 
 
 
 f 
 
 
 
 ivifT 
 
 ^ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 CHICAGO 
 
 
 
 / 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 / 
 
 
 
 
 
 
 
 
 
 
 
 
 / 
 
 
 
 
 
 
 
 
 
 
 
 
 1 
 
 
 
 
 
 
 
 
 
 t 
 
 
 
 
 
 
 
 
 *ft 
 
 ififi 
 
 oca 
 
 
 
 J ^ 
 
 
 
 
 /— 
 
 
 -^ 
 
 ecu 
 
 ee£ 
 
 
 
 pm 
 
 
 — 
 
 
 
 
 — /— 
 
 ^— 
 
 
 — 
 
 ppn 
 
 
 
 
 
 
 Profits 
 Deposits 
 
 Loaos and Discounts 
 Population of Chicago 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 _ 
 
 
 
 / 
 
 
 
 
 
 
 
 
 
 
 
 / 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 / 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 , 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 It 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 M 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Iff 
 
 
 
 
 
 
 
 
 _j^ 
 
 / 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 '^ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 ^ 
 
 
 
 
 
 
 
 
 if 
 
 £££ 
 
 ^ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 j/^ 
 
 / 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 X 
 
 / 
 
 
 
 
 
 
 
 
 'tf 
 
 
 
 
 
 
 / 
 
 / 
 
 
 
 
 
 /^ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 r 
 
 / 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 y^ 
 
 
 
 
 
 
 rf 
 
 
 
 
 r//^ 
 
 
 
 
 > 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 _y^ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 _y^ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 ^ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 ; 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 _L 
 
 ogP 
 
 JICJ 
 
 — A 
 
 
 
 
 
 
 V^^ 
 
 
 
 ^(L 
 
 °o° 
 
 20£ 
 
 
 
 ■« 
 
 
 // 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 - 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 // 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 — 
 
 IS 
 
 ^ 
 
 p/^ 
 
 
 
 
 
 
 
 
 
 — 
 
 i5£- 
 
 00£ 
 
 i-2_£?e 
 
 /<9^J 
 
 /S^9 
 
 /87¥ 
 
 /87? 
 
 788 ¥ 
 
 7889 
 
 /.9W 
 
 /en 
 
 IIOZ 
 
 ^M. 
 
 — 
 
 • 
 
 NOTE— The above t 
 
 art was prepared prior to the absorption of the Metropolitan National Back; since that 
 I considerable increase. The CapiUl, Surplus and Undivided Profits on July ist, 1902, 
 x>; the Deposits approximated $95,000,000; the Loans and Discounts, $60,000,000. 
 
 #
 
 THE UNION NATIONAL BANK
 
 CHAPTER VII 
 THE UNION NATIONAL BANK 
 
 On December 29, 1864, the Union National Bank 
 of Chicago was established; on January 11, 1865, was 
 authorized by the Comptroller of the Currency to 
 begin business; and in the following February opened 
 its doors in the building situated at the northwest 
 corner of Lake and La Salle streets. The original 
 capital of the bank was $500,000., The first board of 
 directors consisted of William F. Coolbaugh, John V. 
 Farwell, Wesley Hunger, Heman G. Powers, Clinton 
 Briggs, Calvin T. Wheeler, and Daniel Thompson. 
 William F. Coolbaugh was at once chosen president 
 and Charles J. Council cashier. One year later, in 
 January, 1866, the office of vice-president was insti- 
 tuted, and Calvin T. Wheeler was selected to perform 
 its duties. 
 
 This institution, owing its existence chiefly to the 
 energy of William F. Coolbaugh, was until the day 
 of his death, November 14, 1877, dominated by him. 
 Born on July i, 1821, in Pike County, Pennsylvania; 
 with an education restricted to the opportunities of 
 a village school, and terminating at the end of his 
 twelfth year, he was a typically self-made man. 
 When only fifteen he started on his career as porter 
 in a Philadelphia dry-goods store, but soon became a 
 
 107
 
 io8 The First National Bank of Chicago 
 
 clerk, and eventually western manager for his em- 
 ployer. In 1842 he established himself as a merchant 
 at Burlington, Iowa, and eight years later formed 
 there a partnership for banking purposes under the 
 name of Coolbaugh & Brooks. While still a member 
 of this firm, becoming loan agent for the state in which 
 he resided, he issued in that capacity the first Iowa 
 bonds. In 1862 he transferred his residence to Chi- 
 cago, opening in this city the banking house of W. F. 
 Coolbaugh & Company, located at 154 Lake Street, 
 which, as events developed, proved the predecessor of 
 the Union National Bank. Mr. Coolbaugh quickly 
 became known as a prominent and public-spirited 
 man. In politics he was an ardent Democrat; served 
 as a member of the state convention of 1869, and in 
 1876, when Samuel J. Tilden was believed to have 
 been elected to the Presidency, was prominently men- 
 tioned as the probable recipient of the treasury 
 portfolio. His financial ability and judgment were 
 generally recognized. He was the first president of 
 the Chicago Clearing House, and was also, upon the 
 formation of the National Bankers' Association for 
 the West and South, chosen to a similar position in 
 that organization. In 1868 he likewise served as 
 treasurer of the Chicago, Rock Island and Pacific 
 Railway. Under the direct management of such a 
 spirit the Union National Bank rapidly gained 
 strength, and for many years aspired to be the lead- 
 ing institution of its type in Chicago and throughout
 
 The Union National Bank 109 
 
 the West. The great fire of 1871 destroyed its origi- 
 nal home, but after a brief interval, during which 
 business was temporarily conducted at the residence 
 of the vice-president, Calvin T. Wheeler, on Wabash 
 avenue, it became domiciled in the old Central Union 
 Block on the northwest corner of Market and Madison 
 streets, a structure just then erected by the firm of 
 Coolbaugh, Powers & Wheeler. 
 
 For the present purpose only the principal events 
 in the subsequent history of the bank need here be 
 sketched. In July, 1872, the capital of the associa- 
 tion was increased to $1,000,000 ; on March 29, 1878, 
 owing to the changes incident to the death of Mr. 
 Coolbaugh, it was reduced to $500,000; upon the 
 renewal of the charter, in 1884, was once more fixed 
 at the original sum ; subsequently, in the same year, 
 increased to $1,600,000, and afterwards gradually 
 augmented to $2,000,000, an amount first reached on 
 July 30, 1886; at which figure it remained until the 
 retirement of the bank from business in the autumn 
 of 1900, 
 
 Several changes likewise occurred in the personnel 
 of the officers. In November, 1871, George A. Ives 
 replaced Charles J. Council as cashier, the latter having 
 resigned. Upon the death of Mr. Coolbaugh, in 1877, 
 Calvin T. Wheeler was elected president and Charles 
 A. Munn vice-president. In January, 1880, W. C. D. 
 Grannis succeeded Mr. Munn, and at the same time 
 John J. P. Odell was chosen cashier instead of Mr.
 
 no The First National Bank of Chicago 
 
 Ives. On December 22, 1882, Calvin T. Wheeler 
 resigned as president, shortly thereafter establishing 
 the Continental National Bank. At the next meeting 
 of the directors, in January, 1883, W. C. D. Grannis 
 was advanced to the presidency, Hon. Charles 
 B. Farwell became vice-president, and W. O. Hip- 
 well assistant cashier. In January, 1885, John J. P. 
 Odell was promoted to be vice-president and W. C. 
 Oakley was appointed cashier. One year later, at the 
 beginning of 1886, Mr. Grannis retired from the presi- 
 dency, and, severing his connection with the bank, 
 soon afterward founded the Atlas National Bank. 
 Columbus R. Cummings was chosen to succeed him. 
 The other ofificers remained the same as theretofore. 
 During the next four years not any change of impor- 
 tance occurred; the only event of note being the cre- 
 ation, in 1888, of an additional assistant cashiership, 
 which August Blum was selected to fill. 
 
 A number of modifications in officers occurred in 
 1890. Mr. Cummings was succeeded in the presi- 
 dency by John J. P. Odell and David Kelley was 
 chosen vice-president. The following year there was 
 not any change; but in 1892 W. C. Oakley retired, 
 and August Blum was appointed cashier. In 1893 a 
 second assistant cashier was named in the person of 
 E. J. H. McGuire, who, however, scarcely survived 
 the year. At the beginning of 1895 Richard C. Lake 
 was elected second vice-president. Another reorgani- 
 zation of the official representatives of the bank was
 
 The Union National Bank i i i 
 
 effected in January, i8g6. James W. Ellsworth was 
 elected president, David Kelley vice-president, and 
 David R. Forgan, second vice-president. One year 
 later Mr. Kelley retired from the vice-presidency, in 
 which Mr. Forgan succeeded him, the latter assuming 
 at the same time the active management of affairs. 
 As might well have been anticipated, Mr. Forgan was, 
 in 1898, chosen president. The other officers then 
 elected were: vice-president, John McLaren; cash- 
 ier, August Blum; assistant cashiers, W. O. Hipwell 
 and Charles M. Walworth. These gentlemen con- 
 tinued in office until September, 1900, the date of 
 consolidation with the First National Bank. 
 
 Two events of importance which occurred during 
 the later days of the institution should at least be 
 noted. In 1898, under the inspiration of President 
 Forgan, the Union National Bank bought out the 
 business of the Hide and Leather National Bank, of 
 which Mr. John McLaren was at that time president. 
 This gentleman, upon the consummation of the sale, 
 became vice-president in the purchasing bank. By 
 the transaction the Union National Bank secured 
 additional deposits amounting to $1,800,000. One 
 year subsequently the business of the Bank of Com- 
 merce, with deposits representing $1,000,000, was 
 likewise absorbed. 
 
 The board of directors of the Union National Bank, 
 besides the names of those already mentioned, as 
 presidents and vice-presidents of the institution,
 
 IJ2 The First National Bank of Chicago 
 
 included, at various times in its history, David Dows 
 of New York, William D. Howard, J. H. Dwight, 
 Nathan Corwith, E. D. Rand, Asa Dow, N. K. Fair- 
 bank, A. A. Hunger, Asa P. Kelley, James W. Odell, 
 Laurin G. Pratt, John E. Williams, D. L. Quirk, J. 
 W. Grimes, J. H. Barker, O. H. Fuller, D. Mark 
 CummingS;, C. F. Grey, W. T. Baker, S. E. Barrett, 
 H. N. May, J. A. Spoor, O. C. Barber, H. H. Getty, 
 David B. Dewey, William L. Brown, and S. K. Mar- 
 tin. As indicative of the financial status of the insti- 
 tution, from time to time, it may not be without 
 interest to cite a few statistics as drawn from various 
 reports made to the Comptroller of the Currency. 
 The first available statement, bearing the date of 
 April I, 1865, shows: 
 
 Loans and discounts $873,000 
 
 Cash and exchange 1,980,000 
 
 Deposits 2,693,000 
 
 Capital stock 500,000 
 
 On January 22, 1870, the books read: 
 
 Loans and discounts $2,759,000 
 
 Cash and exchange 1,653,000 
 
 Deposits 3,586,000 
 
 Capital and surplus 1,000,000 
 
 Again, on December 12, 1879, the figures were: 
 
 Loans and discounts - $3,809,000 
 
 Cash and exchange -.-.--- 1,937,000 
 
 Deposits 5,031,000 
 
 Capital and surplus 700,000 
 
 Ten years later, on December 11, 1889, the report 
 then made included:
 
 The Union National Bank i 13 
 
 Loans and discounts §5,819,514 
 
 Cash and exchange - 3,013,600 
 
 Deposits 7,208,700 
 
 Capital and surplus 2,600,000 
 
 The last statement prior to amalgamation with the 
 First National Bank is dated June 29, 1900. The 
 items are: 
 
 Loans and discounts $10,140,410 
 
 Cash and exchange - - 6,017,871 
 
 Deposits 14,607,735 
 
 Capital and surplus - 2,370,000 
 
 The total of the balance sheet aggregated $17,402,- 
 438. It is a noticeable feature that in every respect 
 the figures on the day of retirement from business in 
 September, 1900, were the largest in the history of 
 the institution. 
 
 The Union National Bank, in the course of its 
 career, experienced two removals other than those 
 already mentioned. In 1873 its offices were trans- 
 ferred to the Union Building on the southwest corner 
 of Washington and La Salle streets, and again, in 
 April, 1886, upon the retirement of Mr. Grannis from 
 the presidency and the organization of the Atlas 
 National Bank, to the Home Insurance Building on 
 the northeast corner of La Salle and Adams streets, 
 where it continued to be located until the end. 
 
 In the spring of 1900 the project of consolidation 
 with the First National Bank was broached. The 
 directors fully discussed the question, and appointed 
 a committee to meet the similar body designated by
 
 114 The First National Bank of Chicago 
 
 the board of the other institution. Then, after hear- 
 ing its report, and the outline of the plan intended to 
 accomplish this purpose, the entire subject-matter was 
 laid before a special meeting of the stockholders. 
 They approved the proposition, and it was finally- 
 determined to effect the consolidation by the sale of 
 the assets to the First National Bank, upon condition 
 that the board of directors of the latter should be 
 enlarged and a certain number of members be elected 
 from those who then formed the controlling body of 
 the Union National Bank. The last directorate of the 
 liquidating bank consisted of Messrs. W. T. Baker, 
 John H. Barker, S. E. Barrett, William L. Brown, 
 D. M. Cummings, D. R. Forgan, David Kelley, John 
 McLaren, J. A. Spoor, W. C. Thorne, and F. S. 
 Winston. Of these gentlemen Messrs. Barker, Brown, 
 Cummings, Spoor, and Forgan were eventually trans- 
 ferred to the board of the First National Bank. 
 
 Pending the full settlement of its affairs, the charter 
 of the Union National Bank has not yet been sur- 
 rendered. The association is therefore still technically 
 existent, but save for this temporary purpose its career 
 is terminated. In due course, the charter will, within 
 a comparatively brief time, be given up, and its legal 
 entity lost.
 
 THE METROPOLITAN 
 NATIONAL BANK
 
 CHAPTER VIII 
 
 THE METROPOLITAN NATIONAL BANK 
 
 The Metropolitan National Bank of Chicago was 
 established March 27, 1884, and on May 6, 1884, was 
 authorized by the Comptroller of the Currency to 
 begin business. The bank opened its doors on May 
 12, 1884, at 100 Washington Street, where the firm 
 of Preston, Kean & Company had previously been 
 situated, and to whose business the newly founded 
 institution succeeded. The original capital was $500,- 
 000; Elbridge G. Keith, William Deering, T. W. 
 Harvey, David Preston, Samuel A. Kean, F. W. 
 Hayes, James L. Woodward, E. Frankenthal, and 
 G. B. Shaw formed its first board of directors. 
 Elbridge G. Keith was at once elected president; 
 Samuel A. Kean, vice-president; Henry A. Ware, 
 acting cashier; and William D. Preston, assistant 
 cashier. 
 
 Elbridge G. Keith, who was the chief factor in the 
 organization of the bank, remained at its head unin- 
 terruptedly until its amalgamation with the First 
 National Bank of Chicago, on May 31, 1902. Samuel 
 A. Kean served as vice-president until the annual elec- 
 tion of January 15, 1885, when he was succeeded by 
 Gilbert B. Shaw; this gentleman continued in that 
 position until January, 1890, when James L. Wood- 
 
 117
 
 iiB The First National Bank of Chicago 
 
 ward was chosen in his stead. He held the post until 
 his death, in the spring of 1892. Because of the 
 active part which he took in the management of the 
 firm of Keith Brothers of Chicago, Mr. Woodward 
 devoted only a portion of his time to the affairs of the 
 bank. Nevertheless, all matters of importance were 
 submitted to his judgment, and to him the success 
 attained during this period was largely due. On June 
 3, 1892, William Deering, the well-known manufac- 
 turer of harvesting machinery, was elected vice-presi- 
 dent; he continued in office until January 9, 1895, 
 when William J, Watson assumed the duties of that 
 post, which he retained until the end. Henry A. 
 Ware was retained as acting cashier and second vice- 
 president until the early part of 1887, when he resigned 
 for the purpose of entering into the banking business 
 at Duluth, Minnesota. William D. Preston was, in 
 January of that year, chosen cashier, which position 
 he held until October, 1894, then voluntarily retiring 
 to engage in other pursuits. Howard H. Hitchcock, 
 formerly assistant cashier, was thereupon promoted to 
 be cashier. Edward Dickinson was appointed second 
 assistant cashier in June, 1892, and named assistant 
 cashier on October 16, 1894. 
 
 In addition to the gentlemen already mentioned as 
 directors, William J. Bartlett, Augustus A. Carpenter, 
 Arthur Dixon, John Dupee, B. A. Eckhart, Simeon 
 Farwell, William A. Fuller, E. T. Jeffery, Edson 
 Keith, S. A. Kent, Arthur Orr, D. K. Pearson, W.
 
 The Metropolitan National Bank 119 
 
 D. Preston, William B. Walker, and William J. Wat- 
 son served at some time in that capacity. The last 
 officers and directors were: president, Elbridge G. 
 Keith; vice-president, William J. Watson; cashier, 
 Howard H. Hitchcock; assistant cashier, Edward 
 Dickinson; directors, William Deering, W. A. Fuller, 
 Adolphus C. Bartlett, Augustus A. Carpenter, E. 
 Frankenthal, Arthur Dixon, B. A. Eckhart, William 
 B. Walker, E. T. Jeffery, William J. Watson, and 
 Elbridge G. Keith. 
 
 Upon assuming the business of its predecessors, 
 Preston, Kean & Company, the Metropolitan National 
 Bank showed deposits approximating $1,400,000. 
 During the eighteen years of its career its growth was 
 uniform and steady until at the time of its absorption 
 by the First National Bank its total deposits were 
 about $22,000,000. The able manner in which the 
 institution was managed is demonstrated by the fact 
 that after an existence of only seven years it had accu- 
 mulated a surplus equal to its capital. Prior to July 
 I, 1 89 1, its business had grown to such a magnitude 
 that the capital stock was at that time increased to 
 $2,000,000 by issuing a stock dividend of loofo to the 
 old stockholders, and by disposing of $1,000,000 
 worth of new stock at $200 per share, thus giving a 
 capital of $2,000,000 and a surplus fund of $1,000,- 
 000, The bank was successfully guided through the 
 perilous days of 1893 and the years of depression 
 which followed. At the time of liquidation its funds
 
 I20 The First National Bank of Chicago 
 
 in surplus account and undivided profits amounted to 
 nearly $1,750,000. From the date of its inauguration 
 until April, 1902, there were paid regular dividends 
 aggregating about $2,000,000 — an amount equal to 
 the full capital stock. 
 
 In the spring of 1885 the bank removed from 100 
 Washington Street to the building at the northwest 
 corner of LaSalle and Monroe streets, and again, in 
 the early part of 1892, to larger and more commodious 
 quarters in The Temple at the southwest corner of 
 Monroe and LaSalle streets. 
 
 The following statements as rendered to the Comp- 
 troller of the Currency, in compliance with his ofificial 
 calls, show the condition of the institution at the 
 dates given. 
 
 REPORT OF JUNE 20, 1884 
 
 RESOURCES 
 
 Loans and discounts ------ $1,265,177.81 
 
 Overdrafts 3,391.48 
 
 United States bonds (at par) 50,000.00 
 
 Other stocks and bonds 207,686.00 
 
 Due from approved reserve agents - - - 113,055.62 
 
 Due from other national banks . . . . 72,091.03 
 
 Due from state banks and brokers ... 104,974,43 
 
 Furniture and fixtures 5,500.00 
 
 Premium on bonds ------ 801,08 
 
 Cash and checks for clearings 439i577-35 
 
 Due from United States Treasurer - - - 4,000.00 
 
 Total $2,266,254.80
 
 The Metropolitan National Bank 121 
 
 LIABILITIES 
 
 Capital stock paid in $500,000.00 
 
 Undivided profits 9,607.68 
 
 Circulation 45,000.00 
 
 Deposits 1,711,647.12 
 
 Total §2.266,254.80 
 
 REPORT OF DECEMBER 19, 1894 
 
 RESOURCES 
 
 Loans and discounts $8,522,687.94 
 
 Overdrafts - - 3,686.38 
 
 United States bonds (at par) ----- 50,000.00 
 
 Other stocks and bonds 714,267.10 
 
 Due from banks - . . . $1,197,142.50 
 Cash and checks for clearings - - 2,644,324.33 
 
 3,841,466.83 
 
 Due from United States Treasurer ... 20,851.20 
 
 Total - $13,152,959.45 
 
 LIABILITIES 
 
 Capital stock paid in $2,000,000.00 
 
 Surplus fund and undivided profits - - - 1,097,768.20 
 
 Circulation - 1,475.00 
 
 Dividends unpaid - 395-oo 
 
 Deposits 10,053,321.25 
 
 Total - - $13,152,959.45 
 
 REPORT OF APRIL 30, 1902 
 
 RESOURCES 
 
 Loans and discounts $14,727,611.61 
 
 Overdrafts secured and unsecured - - - 4,758.83 
 
 United States bonds (at par) . . - - 1,000,000.00 
 
 Other stocks and bonds 860,233.33 
 
 Due from banks ... - $3,097,655.09 
 Cash and checks for clearings - - 7,002,948.89 
 
 10,100,603.98 
 
 Due from United States Treasurer - - - 42,000.00 
 
 Total $26,735,207.75
 
 122 The First National Bank of Chicago 
 
 LIABILITIES 
 
 Capital stock paid in $2,000,000.00 
 
 Surplus fund and undivided profits - - - 1.626,287.98 
 
 National bank notes outstanding - - - 834,150.00 
 
 Dividends unpaid 1,504.50 
 
 Deposits 22,273,265.27 
 
 Total $26,735,207.75 
 
 The charter of the .Metropolitan National Bank 
 expires in 1904, at which time it is expected the asso- 
 ciation will cease to exist. The recollection of its 
 usefulness will, however, still long be borne in mind 
 by all those who, through periods of prosperity and 
 depression, were so closely and pleasantly associated.
 
 THE NEW BANK BUILDING
 
 CHAPTER IX 
 
 THE NEW BANK BUILDING 
 
 The First National Bank originally occupied its 
 present quarters at the northwest corner of Dearborn 
 and Monroe streets in 1882. They were then con- 
 sidered ample for a long term of years. The National 
 Safe Deposit Co., a subsidiary corporation, had leased 
 the ground from the Board of Education for ninety- 
 nine years, and had erected the edifice especially with 
 a view to the accommodation of the principal institu- 
 tion. The arrangement on the part of the latter com- 
 prised the rental, for its offices, of the entire main 
 floor, as designed for it, and such other room as might 
 from time to time be required. 
 
 During the past twenty years the business of the 
 bank has increased in an ever-ascending ratio, and 
 gradually the space used by it has become more and 
 more crowded — although within the last two or three 
 years both the basement and some other portions of 
 the building have been taken for various purposes — 
 until at length the necessity for relief by the construc- 
 tion of an entirely new edifice has become imperative. 
 At this time, when in accordance with the act approved 
 July 12, 1882, the charter of the association has just 
 been extended for another period of twenty years, 
 
 125
 
 126 The First National Bank of Chicago 
 
 the improvement of its facilities seems peculiarly 
 appropriate. 
 
 The decision was therefore recently taken, that 
 the erection of a new building upon the present site 
 and such adjoining ground as might be secured by 
 lease or purchase was not only necessary, but per- 
 fectly feasible. Pursuant to this plan, and after some 
 considerable negotiation, the National Safe Deposit 
 Co. has bought, at an approximate cost of one million 
 dollars, the two properties on Monroe street just west 
 of the ground held under lease; these lots are now 
 covered by the Montauk Block, a structure ten stories 
 high, one of the earliest modern skyscrapers built in 
 Chicago, and by the building heretofore occupied by 
 Bradner, Smith & Co. as a wholesale paper ware- 
 house; they include a frontage of one hundred and 
 twenty-three feet, which, with the one hundred and 
 eight feet now rented from the Board of Education, 
 makes a total of two hundred and thirty-one feet front- 
 age on Monroe street controlled by the bank. The 
 frontage on Dearborn street is one hundred and 
 ninety-two feet. It is now proposed to erect upon 
 this entire property, including an area of forty-four 
 thousand two hundred and seventy-four square feet, a 
 building sixteen stories in height, and inclosing ten 
 and one-half millions of cubic feet. The cost, esti- 
 mated at five million dollars, has been provided by a 
 recent increase in the capital of the National Safe 
 Deposit Co. to the sum of two million five hundred
 
 The New Bank Building 127 
 
 thousand dollars, and by the issue of a similar amount 
 of bonds. 
 
 While it is not possible at the present moment to 
 give all the details of construction, and the interior 
 arrangement of the edifice as it will in due time be 
 completed, it may prove of interest, nevertheless, here 
 to sketch in outline its main features. With this 
 purpose in view the architects, D. H. Burnham & Co., 
 have prepared a brief description, which reads: 
 
 Exterior. — The building will practically front on four sides, 
 there being an alley on the north and a court on the west. 
 There will also be an interior court measuring sixty by ninety feet, 
 thus providing ample light and ventilation. The construction will 
 be entirely fire-proof. The exterior walls will be faced with granite 
 and the court walls with white enameled brick. All steel will be 
 buried in cement. 
 
 In general the design of the building is in the old Roman style. 
 The first three floors, sixty feet in lieight, which are to be occupied 
 by the bank, and its dependencies will be marked by a cornice 
 supported on massive Doric pilasters, forty feet in height, inclos- 
 ing the arched openings of the bank proper. The aggregate height 
 of these three lower stories will be equal to that of an ordinary five- 
 story building. The banking room will thus be clearly indicated; 
 its appearance will be imposing and in proportion to its magni- 
 tude. Above this point the exterior treatment will consist of win- 
 dows simply spaced to suit the offices of the typical floors. 
 
 From the fourth story to a belt course at the fourteenth story 
 the walls are plain, the only ornament being slightly projecting 
 sill courses. The main pier lines that mark the division of the 
 lower floors will continue up and terminate at the fifteenth and 
 sixteenth stories in an arcade supporting the main cornice which 
 is of the Corinthian order. This upper arcade is broad and simple 
 and its deep reveal discloses the unusual thickness of the exterior 
 structural piers of the building. The walls really extend up to and 
 include the parapet, the cornices growing entirely out of them. 
 
 The design is severely simple in keeping with the natural 
 quality of granite, which material is used fcjr the entire fronts of 
 the building. Good and impressive proportions are relied upon 
 for general effect and merely ornamental treatment is everywhere 
 avoided. The purpose is to suggest the strength and dignity of a 
 great financial institution.
 
 128 The First National Bank of Chicago 
 
 Entrances. — There will be two main entrances to the bank 
 and office building. The principal one will be from Dearborn 
 street. Here the vestibule will be sixty feet wide, entered by 
 twelve doors. It will be eighty feet deep and forty-five feet in height, 
 entirely finished in marble, and with the grand staircase of broad, 
 easy steps ascending twelve feet from the street level to the 
 banking-room floor. On each side of the staircase will be five 
 elevators, connecting with all the floors to the top of the building. 
 
 The entrance from Monroe street will be nearly as important. 
 The vestibule here will be twenty-four feet wide by fifty feet deep, 
 with seven elevators to the top of the building and a broad stair- 
 case to the bank. 
 
 Interior.— The typical floor plans are divided into offices, of 
 modern sizes and arrangement, supplied with every convenience. 
 There will be an interior corridor on every floor extending entirely 
 around the building. Seventeen elevators and three staircases 
 from the ground to the top of the structure will afford ample 
 means of ingress and egress to the occupants. In every respect 
 the edifice will be strictly modern, and will be equipped with all 
 the latest conveniences and novelties which add so greatly to the 
 accommodations furnished by city office buildings. 
 
 Banking-Room. — The main banking-room will occupy the 
 entire first floor, twelve feet above the street, two hundred and 
 thirty feet long, one hundred and ninety feet wide, and thirty-two 
 feet high, together with an additional floor of corresponding area 
 and fifteen feet in height immediately above it, and overlooking it 
 through the central court. These stories will architecturally be 
 treated as a unit. The main entrance by the grand staircase from 
 Dearborn street will be through an archway opening immediately 
 into the central court, which, measuring sixty by nmety feet, will 
 be surrounded by an arcade, and roofed over at a height of fifty 
 feet with a crystal plate glass dome, thus being brilliantly lighted. 
 From this court broad staircases and private elevator will con- 
 nect with the safe deposit department below and additional floors 
 above. 
 
 Safety Deposit Vaults. — The National Safe Deposit Com- 
 pany will occupy sixteen thousand one hundred and four square 
 feet of space on the ground floor, with its entrance through the 
 vestibule on Dearborn street. The Safety Deposit Vault itself will 
 measure forty-two by fifty feet, comprising an area of two thousand 
 one hundred square feet, and will contain eighteen thousand 
 boxes. Coupon-rooms, committee-rooms, and reception-rooms for 
 men and women will be provided. The office, vestibule, and all 
 other appointments will be thoroughly in keeping with the general 
 tone of the building.
 
 The New Bank Building 129 
 
 The foregoing account, while in many respects 
 inadequate, and in its details incomplete, will still 
 serve, it is hoped, to convey some general impression 
 of the magnitude and character of the proposed edifice. 
 During its erection business will be uninterruptedly 
 continued, first in the old structure as now occupied 
 until the first portion of the new building on the west 
 half of the Monroe street frontage shall have been 
 completed. The bank will then remove into this 
 finished section ; the old building at the corner of 
 Dearborn and Monroe streets will be demolished and 
 the remainder of the new edifice completed. The 
 work of razing the Montauk Block and the former 
 Bradner Smith building has already been commenced. 
 The section to be erected on this ground will, it is 
 hoped, be finished within one year; the entire struc- 
 ture, as projected, will be ready for occupancy on or 
 before May i, 1904.
 
 BIOGRAPHICAL
 
 I 
 
 BIOGRAPHIES OF PERSONS FORMERLY CON- 
 NECTED WITH THE BANK, BUT NOW 
 DECEASED 
 
 EDMUND AIKEN 
 
 Edmund Aiken was born at Norfolk, Connecticut, on April 29, 
 1812 ; the eldest of the six children of Lemuel and Sarah Thomp- 
 son Aiken. He was of Scotch ancestry. Henry Aiken, the founder 
 of the American branch of the family, migrated from Scotland in 
 1710. Lemuel Aiken was a well-educated man of high reputation 
 in his community. Edmund, while a child, enjoyed all the usual 
 comforts of a good home, and grew up, like so many others of his 
 social position in New England, under the incitement of an inspir- 
 ing past and the influence of strict religious sentiments. In his 
 youth he received a good academic education, and at the age of 
 twenty entered Yale College, where his name appears on the offi- 
 cial records as Edmund Akins. Although physically not strong, 
 he persevered for two years (1831-1833) in close application to 
 study. The condition of his health then rendered the abandon- 
 ment of his course imperative. With sorrow and regret he re- 
 turned to Norfolk ; but fortunately in time fully recuperating, he 
 gradually tended toward a business career. His first venture was 
 a partnership, in his native place, with his brother-in-law, Eleazer 
 Dowd, the two buying out the interest of the former proprietor, 
 Mr. Grove Lawrence, in a mercantile establishment. For one year 
 (1834) this connection continued; but at length young Aiken, who 
 seems for some time previously to have cherished the desire to go 
 West, yielding to the popular movement of the day, started out in 
 search of a new home and greater fortune. Sherman Brothers, of 
 Mishawaka, Indiana, offered him an opportunity to enter their em- 
 ploy, which opening he gladly embraced. 
 
 Here, however, he remained only during a brief interval (1835), 
 for little by little his early project of obtaining a professional edu- 
 cation once more gained the mastery over him ; having entirely 
 recovered his health, and likewise accumulated a small sur- 
 plus fund, he determined to study law. With this aim he re- 
 moved to Syracuse, New York, entered the office of Hon. B. Davis 
 Noxon; and later that of Hon. James R. Lawrence, and Judge 
 
 133
 
 134 The First National Bank of Chicago 
 
 Grove Lawrence, both well known at the bar of that city ; was 
 given by the latter license to apply for admission to the bar on 
 December ii, 1839 ; was admitted as solicitor in the Court of 
 Chancery of New York on January 27, 1841 ; and finally as 
 counselor on January 2, 1844. About this time Mr. Archibald 
 Thompson, of Marcellus, New York, retiring from active practice, 
 offered his influence and patronage to Mr. Aiken, who eagerly wel- 
 comed the larger field thus afforded him. There settling, as he 
 thought permanently, in life, he diligently applied himself for sev- 
 eral years to professional duties, with the exception of one year 
 devoted, at the earnest solicitation of the local board, to teaching 
 in the high school. It was in Marcellus that, on October 28, 
 1841, Mr. Aiken was united in marriage to Elpha Reed Bradley, 
 the youngest daughter of Jonathan and Rhoda Cody Reed, and 
 the widow of Walter Bradley, deceased. In this rural environ- 
 ment Mr. Aiken resided fourteen years, but all this time he 
 seems to have cherished a secret longing for a wider scene 
 of endeavor. Coming, in 1855, on a tour of investigation as far 
 West as Chicago, his decision was taken ; returning home, he 
 sold his homestead and farm, closed his office, settled his other 
 affairs, and in the winter of i855-i856once more arrived in this city 
 with the determination of making it the place of his permanent 
 abode. 
 
 In the spring of 1856 Mr. Aiken opened a law office in con- 
 nection with George W. Snow, in a building located on Clark 
 street, at the northeast corner of the alley, between Lake and 
 Randolph streets, engaging, together with the pursuit of his pro- 
 fession, in a general loaning business, which, as the event proved, 
 ultimately required his entire attention. One year later, John D. 
 Norton, a capitalist of Syracuse, New York, became associated 
 with him, and as he furnished considerable funds for loaning pur- 
 poses, the name of Aiken & Norton was adopted. In several direc- 
 tories of that day this firm is stated as doing business in the Seth 
 Payne Building, at 47 Clark street, just opposite Mr. Aiken's law 
 office. Two years subsequently a removal occurred to Room 2 in 
 the Lewis Building, then situated at the southwest corner of Clark 
 and South Water streets. In the spring of i860 Jonathan Burr was 
 admitted to the firm as a silent partner, retiring, however, after 
 one year. In the latter part of i860 Mr. Norton, while on a visit 
 to Chicago, suddenly died; so that thenceforth Mr. Aiken, although 
 continuing the business under the old style, was in absolute control 
 until the spring of 1863. In 1862 the offices of the house were 
 moved to Room i in the old Board of Trade Building on the north- 
 east corner of La Salle and Soutli Water streets. 
 
 At this time Mr. Aiken had already attained an influential 
 position in the city, and was recognized as a cautious but still an 
 astute and aspiring financier. In the discussion of the measure
 
 B 
 
 lOGRAPHICAL I35 
 
 for the establishment of a national banking system, as elsewhere 
 related, he took an active interest, and through his energy and 
 resourceful character a small group of capitalists was brought into 
 sympathy with the project of founding in Chicago a banking institu- 
 tion under the new law. After the determination was once taken no 
 time was lost. The act had scarcely been adopted by Congress 
 when the promoters of the enterprise made their application for a 
 charter, and the First National Bank of Chicago was immediately 
 authorized to begin business. Mr. Aiken was elected one of the 
 board of directors, and likewise chosen the first president of the 
 new corporation. In this capacity he served with distinction and 
 success until the time of his death, January 12, 1867; then not quite 
 fifty-five years of age, he unexpectedly succumbed to an attack of 
 heart disease. During the later years of life he was also a part- 
 ner in the firm of Davis, Pope & Company, leading members of 
 the Board of Trade, although he himself never actively took any 
 part in speculative or mercantile business. In the resolutions 
 adopted by that body upon the occasion of his demise, he was 
 nevertheless, mourned as "one of the most prominent and active 
 participants in business circles." The minutes spread upon the 
 records of the First National Bank, also, of course, testify to the 
 high degree of esteem and popularity which he enjoyed. 
 
 In personal appearance Mr. Aiken was tall, straight, and im- 
 pressive; he always walked with an air of authority. In manner 
 he was ever cordial, and as a fact very sociably inclined. Devoted 
 to the opera, and endowed with a strong admiration for the fine 
 arts, he was not neglectful of scientific pursuits. His collection 
 of minerals and corals, known throughout the country, was highly 
 valued by those learned in this department of knowledge. The 
 old Academy of Science was organized in the parlors of his home, 
 on which occasion Professor Agassiz was his guest. In public 
 spirit and charitable work he was not lacking. The Home for the 
 Friendless was, perhaps, the chief object of his concern. As a 
 Christian, he was well disposed toward all religious doctrines; a 
 Unitarian in his views and by profession, he nevertheless attended 
 for many years the Second Presbyterian Church, over which Dr. 
 Patterson presided. Politically he was a staunch Republican. 
 During the war days he contributed much time and considerable 
 means toward the success of the Union cause. The two Sanitary 
 Fairs held in Chicago during the autumns of 1863 and 1864, to 
 raise funds for the relief of the sick and wounded soldiers of the 
 Union armies, received his hearty co-operation, and evoked on his 
 
 f)art many expressions of sympathy, while obtaining from him not 
 ess valuable practical support. 
 
 The family residence of Mr. and Mrs. Aiken was at 222 
 Michigan avenue, on the site where the Auditorium Annex now 
 stands. Here they entertained most hospitably their numerous
 
 136 The First National Bank of Chicago 
 
 friends, among whom they might claim as intimates many promi- 
 nent men and women of the land. 
 
 Since the death of Mr. Aiken his widow has traveled exten- 
 sively. Fond of a good entertainment, an interesting lecture, or 
 first-class play, Mrs. Aiken still lives. Her home is with her 
 nephew, George Chapman, 35 Lake View avenue, Chicago. 
 At the age of ninety-five years, that birthday having been cele- 
 brated by her on September 23, 1901, she is still comparatively 
 active in her mental faculties, and young as ever in heart and 
 spirit. 
 
 TRACY J. BRONSON 
 
 Tracy J. Bronson was born in Connecticut about 1825. He 
 enjoyed only a common -school education. When he was still 
 a youth he removed to Ohio and engaged in keeping a country 
 store in a town near Cincinnati. Somewhat later, about 1853, 
 he became a member of the wholesale grocery firm of Bronson, 
 Warren & Co., doing business in that city. In 1856 he came 
 to Chicago and embarked in the produce and commission busi- 
 ness, in partnership with George C. Walker, under the name and 
 style of Walker, Bronson & Co. He was likewise connected with 
 the banking house of Tucker, Bronson & Co. In 1861 Walker, 
 Bronson & Co. dissolved, and Mr. Bronson then continued in the 
 general produce business exclusively for his own account and 
 under his own name. Among his friends he counted Daniel 
 Thompson, whose sketch appears elsewhere. Both these gentle- 
 men seem to have desired, chiefly for reasons of health, to leave 
 Chicago. Seeking some other home and occupation they were 
 attracted by sugar planting. In the winter of 1866-67 Mr. Bron- 
 son went to Louisiana, purchased a sugar plantation, in which 
 Charles H.Walker, of Chicago, was also a partner, and continued 
 in this business until his death. Mr. Bronson during his residence 
 in Chicago was prominent in many lines of endeavor. Associated 
 with Mr. Aiken and other enterprising citizens, he was one of the 
 founders and original stockholders in the First National Bank, 
 and served as a member of its board of directors from the time 
 of its organization until 1867. He was thoroughly devoted to busi- 
 ness, and was a bold and successful as well as a large operator 
 on the Chicago Board of Trade during the period between 1856 
 and 1866. He was recognized as an excellent judge of values, 
 and had the reputation of being a splendid trader. 
 
 In 1876 he returned to Chicago for a brief visit, and quite 
 unexpectedly died here at the Leland Hotel.
 
 Biographical 137 
 
 FREDERICK CRUMBAUGH 
 
 Frederick Crumbaugh was bom at Hagerstown, Maryland, 
 on December 20, 1816. When he was two years of age, his parents 
 removed to Xenia, Ohio, where he lived until twenty years old, 
 in the mean time obtaining an ordinary school education. 
 
 He then went to Columbus, Ohio, for one year; thence to Mad- 
 ison, Indiana, where he resided until 1856. As a young man he 
 seems to have had a predisposition toward the study of medicine. 
 Through his own endeavors, and chiefly alone, he pursued his prep- 
 arations for a medical career, and finally was granted a diploma 
 by the Transylvania Medical College of Lexington, Kentucky, 
 He then followed his chosen profession during four years at Mad- 
 ison, Indiana. Meanwhile he also acted in various other capacities, 
 being employed as book-keeper for Barber, Buell & Shaw, as 
 cashier in the Firemen and Mechanics' Bank, and being likewise 
 interested as a partner in the drug trade. 
 
 In 1856, being then forty years of age. Dr. Crumbaugh came 
 to Chicago. Apparently he had accumulated considerable means 
 in early life, for he at once became associated with others in the 
 wholesale dry goods business, under the firm name of Richards, 
 Crumbaugh & Shaw. Their first place of business was located on 
 South Water street, near River street ; a little later at 15 and 17 
 Lake street, and subsequently at 37 and 39 Lake street. Just prior 
 to the great fire the firm had erected a fine new building on Wa- 
 bash avenue, between Randolph and Washington streets, for their 
 own use. They had occupied this structure only a comparatively 
 short time when the conflagration swept everything before it. The 
 total loss incurred by the copartnership amounted to §300,000. 
 Although one of the most important houses in the city, already 
 established for a period of fifteen years, it was not considered 
 advisable to resume after this catastrophe. 
 
 After the fire Dr. Crumbaugh did not again engage in active 
 business, although he had a considerable sum invested in the 
 wholesale candy house of Page & Company, then located on Lake 
 street. From i86q to 1872 he served as a member of the board 
 of directors of the First National Bank. 
 
 Dr. Crumbaugh was stricken with apoplexy one Sunday even- 
 ing while attending the Second Presbyterian Church, of which he 
 was an elder and a devoted member. He was immediately re- 
 moved to his home. No. 848 Wabash avenue, and died there at 
 a somewhat later hour, on March 16, 1879. He left a wife, two 
 sons, and a daughter.
 
 138 The First National Bank of Chicago 
 
 ELBRIDGE G. HALL 
 
 Elbridge G. Hall was born at Rutland, Vermont, on April 2, 
 1815. He received only such education as was afforded by the 
 common schools of that day. In his early youth he was appren- 
 ticed to a mercantile house in his native town. After some 
 unimportant changes he started in the iron trade at Rutland, 
 where be remained engaged in the same pursuit until his twenty- 
 sixth year. He then came to Chicago; at first followed the loan 
 and mortgage business, but very soon, in 1841, opened a wholesale 
 hardware store on South Water street, near La Salle street, in 
 conjunction with William Blair, under the style of Hall & Blair. 
 Considerable difficulty was experienced in placing this venture 
 upon a sound and paying basis. In the meantime there was a 
 removal to a building on Washington street near the river, and 
 then finally, as prosperity increased, to the northeast corner of 
 Lake street and Michigan avenue, where the house is yet located. 
 In 1853 the partnership was dissolved, it being arranged that Mr. 
 Blair should continue in the hardware line, and Mr. Hall retain 
 control of the iron department. At this date Seneca D. Kimbark 
 became associated with Mr. Hall as junior partner, the name 
 adopted being Hall & Kimbark. From time to time others of the 
 Kimbark brothers were admitted to the firm. For many years Mr. 
 Hall devoted himself assiduously to the promotion of this business. 
 Finally, in 1871, when he withdrew from active participation in 
 it— although he retained a silent interest — the house took the title 
 of Kimbark Brothers, and subsequently that of S. D. Kimbark, 
 as it is still known. 
 
 From 1863 to 1870 Mr. Hall served as a director of the First 
 National Bank, performing in this connection a modest but efficient 
 part in the early development of the institution. Otherwise his 
 mvestments and activities were mostly in real estate. Aside from 
 his daily pursuits, Mr. Hall took little part in the life of the com- 
 munity. He was essentially a man of one avocation. He never 
 held any political office, although in sentiment a Republican. He 
 never sought, but rather shunned, society. Only in one other field 
 did he distinguish himself. To the church of his choice he was 
 devoted. Universalist by education and conviction, he was a 
 regular attendant at St. Paul's Church, and one of its strongest 
 supporters. During the entire period of his residence in Chicago 
 he was a liberal contributor to the funds of the First Universalist 
 Society. He was also for some years a trustee of Lombard Col- 
 lege at Galesburg, Illinois, and added $10,000 to its endowment 
 fund. With Rev. W. H. Ryder, the well known clergyman of 
 those days, he was closely and intimately associated in many 
 philanthropic works.
 
 Biographical 139 
 
 Personally Mr. Hall was always of a delicate constitution. 
 He was of medium build and fragile physique. His amusements 
 and recreations were in consonance with his spirit. He took 
 great delight in his garden, its flowers, and botanical research. 
 His tastes were aesthetic; he himself was more than an ama- 
 teur in sketching and drawing. He was twice married; first, 
 in 1850, to Elizabeth Kimbark, and after her death, in 1869, to 
 Addie Moore, who still survives. His widow subsequently mar- 
 ried Rev. Sumner Ellis, of this city, and since his death has been 
 well known as Mrs. A. M. H. Ellis. 
 
 Mr. Hall died on Friday, April 13, 1877, aged 62 years. 
 
 CHARLES HITCHCOCK 
 
 Charles Hitchcock, son of Charles and Abigail L. Hall Hitch- 
 cock, was born at Hanson, Plymouth County, Massachusetts, on 
 April 4, 1827. He was of a long line of distinguished ancestors, 
 who originally came from England, in 1644. His early years were 
 spent on the family farm and in attendance upon the public schools 
 of that neighborhood. In 1846 he entered Phillip's Academy, An- 
 dover, Massachusetts, and one year later matriculated at Dart- 
 mouth College. Throughout his school career he devoted himself 
 assiduously to classical studies, and was likewise noted for his 
 pure and faultless English style. At the close of college life, he 
 began the study of law in the office of Daniel Blaisdell at Han- 
 over. One year subsequently, in 1852, removing to Washington, 
 he passed some time in giving Latin and Greek instruction, and 
 lecturing upon various subjects. Finally, in 1853, he joined the 
 senior class of the Dane Law School at Cambridge, Massachusetts. 
 Upon graduation, in 1854, he was admitted to the bar, and soon 
 thereafter coming to Chicago commenced the active practice of 
 his profession. Within a short time he attained a prominent posi- 
 tion, and was widely recognized as a man eminent among his 
 associates, assiduous in his purposes, and above all thoroughly 
 honorable in his dealings with courts and clients. 
 
 Mr. Hitchcock only twice relaxed his early adopted resolution 
 not to accept public office. Immediately after the great fire of 
 1871, upon the urgent solicitation of those who desired in that 
 emergency to protect the best interests of ihe community, he was 
 chosen a member of the board of county commissioners, which 
 position he resigned as soon as he considered the occasion for his 
 services had passed. He was also elected to the state constitu- 
 tional convention of 1870, and when it met was chosen to preside 
 over its deliberations. By reason of his strong personality, his 
 skill as a presiding officer, his acquaintance with the fundamental
 
 140 The First National Bank of Chicago 
 
 principles of law, and the confidence which he inspired, he made 
 a strong and lasting impression upon many provisions of the or- 
 ganic law of this state. 
 
 In 1872 Mr. Hitchcock was selected as special counsel for the 
 First National Bank, serving the institution in that capacity with 
 devotion and the greatest solicitude during several succeeding 
 years. On July 10, i860, he was married to Annie McClure, of 
 Chicago. Mr. Hitchcock always devoted much of his time and 
 thought to the study of the highest models of English literature. 
 In his profession he was known not merely as an advocate, but 
 likewise as a scholar. He died on May 8, 1881. Hon. Melville 
 W. Fuller, now Chief Justice of the United States, on presenting 
 the memorial resolutions to the United States Circuit Court, paid 
 him a glowing tribute. 
 
 SAMUEL G. D. HOWARD 
 
 Samuel G. D. Howard was born at Preble, New York, during 
 1818. He received only a common-school education. From the 
 age of fifteen years to the time of his death he led a very active 
 life. While a youth he removed to Akron, Ohio, where, together 
 with three brothers, he engaged in mercantile business. A little 
 later he went to Pittsburg, Pennsylvania, and entered the employ 
 of a large dry goods house, where he remained until he was nearly 
 twenty years of age. Then with an elder brother, who had like- 
 wise been associated with him in Akron, he came to St. Charles, 
 Illinois, and soon opened a dry goods store. He also started an 
 establishment at Dixon, Illinois. In those days, however, it was 
 exceedingly difficult to secure the necessary stock from the East. 
 Mr. Howard soon found his enterprises impracticable, and aban- 
 doning them to his brother, removed to Chicago. Here he 
 engaged in the lumber business with L. P. Hilliard, after- 
 ward with George C. Morton, and again with David Chase, 
 all of whom are now deceased. At one time the firm name was 
 Hilliard, Howard & Morton. In these early days he often made 
 trips to northern Michigan for the purchase of lumber. He like- 
 wise frequently visited the Michigan Peninsula. On one of these 
 journeys he met Miss Caroline D. Morton, of St. Joseph, to whom 
 he was subsequently married, on January 8, 1852. 
 
 Besides the lumber business, Mr. Howard was successful in 
 real estate, and had at the time of his death amassed a consider- 
 able fortune. In the winter of 1862-63 ^^ ^^s one of the men 
 interested in the organization of the First National Bank of this 
 city; was elected to its first board of directors, and served in
 
 Biographical 141 
 
 this capacity until his decease. He died at Jacksonville, Illinois, 
 on September 1 5, 1866. During his lifetime Mr. Howard was recog- 
 nized as a prominent and influential resident of Chicago. 
 
 BENJAMIN P. HUTCHINSON 
 
 Benjamin Peters Hutchinson, son of Ira and Hannah Hutch- 
 inson, was born near Danvers, Massachusetts, on February 24, 182Q. 
 His early years were passed upon a farm. While still a young man 
 he removed to Lynn, and after a short apprenticeship, began the 
 manufacture of shoes. In this venture he was not successful. 
 A little later, going to Boston, he pursued for two years the com- 
 mission business. In 1856 he came West, and settling in Milwaukee 
 remained there two years; then he came to Chicago, where he 
 lived nearly continuously from 1858 until the day of his death 
 in 1899. 
 
 Mr. Hutchinson started a commission ofifice on South Water 
 street, but subsequently joined the Board of Trade, and was 
 extensively engaged in grain speculation. The best and most 
 successful side of his career was, however, as a packer of pro- 
 visions; one of the first packing houses at the Union Stock Yards 
 was erected by him, and for a time he had the largest establish- 
 ment of this kind in the country. In 1863 he was one of the men 
 originally participating in the inauguration of the First National 
 Bank of Chicago, of which for four years he served as a director. 
 In September of 1870 he founded the Corn Exchange National 
 Bank with which he was associated for many years. He was 
 one of the earliest stockholders and promoters of the Traders' 
 Insurance Company, and was active in many other financial insti- 
 tutions of Chicago. During his long career as a member of the 
 Board of Trade, and an operator in grain, he had an exceedingly 
 varied experience. For several years he was one of the best 
 known citizens of Chicago, and was always highly esteemed by 
 those who came in close contact with him. Toward the end of his 
 life he retired from business, transferring many of his large inter- 
 ests to the care of his son, Charles L. Hutchinson. He died 
 at Chicago, on March 16, 1899. Mr. Hutchinson married, in 1853, 
 Sarah M. Ingalls, of Lynn, Massachusetts. They had six chil- 
 dren, four of whom are still living.
 
 142 The First National Bank of Chicago 
 
 HENRY M. KINGMAN 
 
 Henry M. Kingman, son of Marshall and Abby Fairbanks 
 Kingman, was born at Winchester, New Hampshire, on Novem- 
 ber 29, 1842. In 1848 he, together with his parents, removed to 
 Boston, Massachusetts, where he resided some eight years, in the 
 mean time attending school at Watertown, one of the suburbs of 
 the city; then the family returned to Winchester, where the lad 
 continued his education, which he finally completed at Power's 
 Institute, Bernardston, Massachusetts. He then for a short time, 
 in 1861, lived in Albany, New York, where he was employed in 
 the office of a lumber firm; and afterwards, in 1862, when twenty 
 years of age, removed to Dubuque, Iowa. Upon his arrival there he 
 was first associated with his cousins, R. E. and J. K. Graves, in the 
 local branch of the State Bank of Iowa. He served for a time in 
 the First National Bank of that city, and subsequently, in 1871, 
 became cashier of the Commercial National Bank. This position 
 he resigned in 1881 in order to come to Chicago to be assistant 
 cashier of the Hyde & Leather National Bank. In August, 1882, 
 he accepted the position of assistant cashier in the First National 
 Bank. In this capacity he displayed marked ability, and inde- 
 fatigably labored to promote the interests of the institution. In 
 recognition of his services, he was in i8gi — when already stricken 
 with his final malady — promoted to be second vice-president, 
 and for sixteen months prior to his death was carried with full pay 
 upon the rolls of the bank. In August, 1890, he first yielded to 
 the inroads of disease. During his entire career he had unremit- 
 tingly dedicated himself to hard and strenuous labor; as the result 
 he had completely worn out his physical constitution. Ever indus- 
 trious, and never shirking any amount of toil, he was neverthe- 
 less always most affable and genial. Upon his first attack of 
 ill health he went, temporarily as he supposed, to the Sanitarium 
 at Alma, Michigan. Here he remained some months, and then, 
 his condition not improving, he rejoined the members of his 
 family in Grand Rapids, Michigan, where they were visiting rela- 
 tives. There he died, on December 16, 1891. 
 
 Mr. Kingman always enjoyed an excellent reputation. At the 
 time of his enforced retirement from business he had the brightest 
 prospects before him; was blessed with a loving family, counted 
 numerous warm friends, and was held in high esteem by all who 
 came in contact with him. He was prominent as a Universalist, 
 a Knight Templar, and a member of several clubs. 
 
 A widow, Emerette Randall, three daughters, an aged mother, 
 and three sisters survived him.
 
 Biographical 143 
 
 EDWARD F. LAWRENCE 
 
 Edward F, Lawrence, son of Benjamin F, and Elizabeth 
 Fenelly Staples Lawrence, was born at Groton, Middlesex County, 
 Massachusetts, on October 29, 1835. His ancestors had resided in 
 this town since 1639, when John Lawrence moved thither from 
 Charlestown, Massachusetts, having previously migrated from 
 Wisset, in Lancashire, England. When young Edward was only 
 two years of age, the family home was transferred to Belvidere, 
 Illinois, then in the midst of the western wilderness. Here, 
 among the influences naturally prevailing in pioneer life, which 
 so strongly tend to awaken the innate energies and active powers 
 of man, the child grew up. 
 
 This period was not lacking in opportunities for mental im- 
 provement. His early tutor was Rev. Arthur B. Fuller, a brother 
 of the gifted Margaret Fuller d'Ossoli. When twelve years of 
 age, the boy entered upon a course in Lawrence Academy at Gro- 
 ton, where he attained exceptional honors. Several times during 
 his school career he made the long trip by stage, canal, and 
 steamboat between his home and the East. Then, in 1850, when 
 only fifteen years of age, he began active life as a clerk in a coun- 
 try store at Belvidere. Although his father was then a merchant 
 in that town, the lad was placed in the employ of a stranger, 
 where work would not be tempered by any special privileges. 
 After two or three engagements in various stores of the locality, 
 he was finally apprenticed to Whitney & Fenno, dry goods mer- 
 chants at Boston, Massachusetts, who were widely known, and en- 
 joyed a large trade. With this house he continued six years, 
 during which interval he familiarized himself thoroughly with 
 the different branches of the business, not only in the office and 
 store, but likewise by traveling for a time throughout the west- 
 ern states in the interests of his employer. 
 
 In 1858 young Lawrence, then twenty-three years of age, se- 
 lected Chicago as the place of his permanent abode. Coming 
 hither he, together with his father and David Ballentine, a well- 
 known citizen of that time, opened a commission house. Upon 
 this occasion he likewise joined the Board of Trade, of which he 
 continued a member until his death, including a period of very 
 nearly forty years. In the course of his residence at Chicago, 
 Mr. Lawrence was associated in many enterprises of importance. 
 In early days — again with his father and Mr. Ballentine — he was 
 part owner in a salt mine at Saginaw, Michigan, and likewise es- 
 tablished there the first shipping line for the transportation of 
 lumber in large quantities upon the Great Lakes. Subsequently, 
 in 1885, he became president of the Brazil Block Coal Company.
 
 144 The First National Bank of Chicago 
 
 His skillful management of this corporation during the strike of 
 i8gi, and its successful issue from this crisis, under his guidance, 
 are to be reckoned among his most noteworthy achievements. 
 
 Mr. Lawrence became, in 1869, a member of the board of di- 
 rectors of the First National Bank, on which he sat until his 
 demise in 1898. For nearly twenty-nine years he assiduously and 
 devotedly served the institution. Among all those who have been 
 connected with it, he ranks one of the foremost by reason of the 
 lengthy period of his service, his strict attention to details, and the 
 influence he exerted upon its affairs. For many years he was a 
 member of the discount committee, had an of^ce at the bank, and 
 daily spent considerable time in passing upon matters which were 
 presented to him for consideration. In testifying to their sorrow, 
 the board of directors, after his death, declared "his service as a 
 director was made of uncommon value by the excellence of his 
 business judgment, and the large amount of time he devoted to 
 the bank, willingly and without stint. His methods were ever 
 straightforward and honorable, bearing the mark of his fine integ- 
 rity and open and generous character. He won the confidence of 
 all who knew him by deserving it." 
 
 Mr. Lawrence was also one of the directors of the Columbian 
 Exposition, being a member of the original board, and four times 
 re-elected. He likewise served as a member of the Committee 
 on Ways and Means, and that on Grounds and Buildings, as well 
 as chairman of the Committee on Ceremonies. In whatever enter- 
 prise he was interested, he was always selected as the best fitted 
 to care for its financial direction and supervision ; and in this depart- 
 ment he was almost invariably successful in the results which he 
 achieved. After i8qi he retired from his general activities, except 
 in the case of the First National Bank, over the interests of which 
 he still faithfully watched. He also retained his financial invest- 
 ments in many industrial and mercantile organizations. 
 
 For many years Mr. Lawrence was a member and an official 
 of Grace Episcopal Church; he was treasurer of St. Mary's Hos- 
 pital for Women; likewise a member of the Chicago Historical 
 Society; and a governing member of the Art Institute. In his 
 public and private charities he was ever liberal, as well befitted a 
 man of his kindly and benevolent disposition. Politically he was 
 a Democrat, but partisanship never deterred him from casting his 
 vote and his influence for the man whom he conscientiously 
 believed best fitted for office. 
 
 Toward the close of his life he became an enthusiastic devotee 
 to "ye gentle sport" of fishermen. In this pursuit he loved to 
 spend his summer leisure while cruising on his private yacht upon 
 the Great Lakes. During this season his headquarters were at 
 Miltona, Michigan. On December 23, 1898, Mr. Lawrence was 
 called to his last reward, passing into the mists of the future at
 
 Biographical 145 
 
 his home in Chicago, surrounded by his devoted family and by 
 many sorrowing friends. His widow, Mary Ballentine Lawrence — 
 the daughter of his early business associate — whom he married 
 on May 23, 1861, and his son, Dwight Lawrence, a lawyer, sur- 
 vived him. 
 
 HENRY B. LEWIS 
 
 Henry Byron Lewis was born in February, 1825, on a farm in 
 Madison County, New York. His education was received in the 
 public schools of his native village, and during one term at the 
 Morrisville Academy. At the age of eighteen, being obliged to 
 leave school, he began life for himself. His first employment was 
 in the office of the IJUcajDaify Gazette, where he proposed to learn 
 the printer's trade; but after an experience of six months he ac- 
 cepted a more desirable position in a store at Hamilton, New York. 
 For the next ten years he was engaged in mercantile business, 
 either in the employ of others or on his own account. 
 
 Coming to Chicago in 1855, he started as a clerk with Williams 
 & Avery, lumber dealers; but at the end of one year formed a 
 partnership in the same business with Walter Lull. Anticipating 
 the panic of 1857, he soon sold his interest to his partner, and sub- 
 sequently established himself in association with his cousin, A. M. 
 Lewis, and a Mr. Newell, in the wool trade on Kinzie street. About 
 the same time he also became a member of the Board of Trade. In 
 i860 he moved his warehouse and offices to the corner of South 
 Water and Franklin streets, where he remained until burned out by ■ 
 the great fire. After that date, he engaged in real estate, his firm 
 being successively known as Lewis & Brooks, Lewis, Brooks & 
 Kent, and Lewis & Carter. For the last fifteen years of his life 
 he practically retired from active business. 
 
 From 1867 to 1869 Mr. Lewis was a member of the board of 
 directors of the First National Bank, in which capacity he ren- 
 dered most efficient service. It was largely through his personal 
 influence that Lyman J. Gage was originally induced to accept 
 the position of cashier in this institution. 
 
 Until 1867 Mr. Lewis resided on the West Side. He then 
 moved to Englewood, which he named. 
 
 In politics Mr. Lewis was a Republican, although in local elec- 
 tions he always supported those whom he deemed the best qualified, 
 regardless of their political affiliations. He served as a mem- 
 ber of the Hyde Park board of trustees, of the local board of edu- 
 cation, and of the county board of education. In religion he was 
 a staunch Universalist, but during the residence of Robert Collyer, 
 the blacksmith preacher, in Chicago, was among his most ardent 
 supporters.
 
 146 The First National Bank of Chicago 
 
 Mr. Lewis died on June 5, 1901, at his residence, 6012 Indiana 
 avenue. On February 24, 1848, he married at Eaton, Madison 
 County, New York, Nancy B. Houghton, who still survives him. 
 They had one child, a daughter, now Mrs. W. W. Carter. 
 
 BYRON RICE 
 
 Byron Rice, son of Julius H. and Roene Foster Rice, was born 
 at Swanton Falls, Vermont, on March 3, 1827. When eleven years 
 of age, he, together with his parents, removed to Glens Falls, New 
 York. Here his father became a leading merchant and citizen. 
 After a good academical education, and a short period spent in 
 the store, the youth obtained a clerkship in a large mercantile es- 
 tablishment at Brooklyn. A brief visit to Glens Falls occurred in 
 1848, and then, during that autumn, he, with a sister, made a trip 
 to the Far West. He traveled from Buffalo to Milwaukee by 
 steamer, and thence by stage to Lancaster, Wisconsin, visiting 
 likewise several other places where he had friends. At Lancaster 
 he read law for a few months with Judge Barber ; and subse- 
 quently formed one of a surveying party in northwestern Wiscon- 
 sin. Immediately afterward he returned to Glens Falls, where he 
 embarked in business for himself, in connection with two other 
 gentlemen. They opened a general store, and also had lumber in- 
 terests on the northern Hudson. 
 
 In March, 1850, he joined a party en route to California, trav- 
 eling via the Isthmus of Panama to San Francisco. A brief visit 
 to the mines convinced him that he was not fitted for such a rough 
 life ; so returning to San Francisco he engaged in the business of 
 miners' supplies. Later he removed to Sacramento, and during 
 July, 185 1, he returned to the East with a considerable sum as the 
 fruits of his sixteen months' experience. In spite of his own de- 
 sires, he yielded to the wishes of his parents that he should not 
 go back to California. 
 
 Early in 1852, together with others, he bought some timber- 
 land in Potter County, Pennsylvania, and in southwestern New 
 York ; and then for a few years was engaged in promoting the 
 interests of the company at Olean, New York, where its large mill 
 was situated. After selling out his holdings in this company, he 
 removed to Syracuse, and there assisted in organizing works for 
 the development of Solar coarse salt. He served as secretary of 
 the corporation then organized until 1861, and to the day of his 
 death retained his stock m it. He also at this time opened a flour 
 store, and had a share in a lumberyard. 
 
 At the request of John D. Norton, of Syracuse, and a member 
 of the firm of Aiken & Norton, of Chicago, Mr. Rice came to the
 
 Biographical 147 
 
 last-named city in the fall of i860, with the intention of starting in 
 business. Upon Mr. Norton's death, soon thereafter, he tempora- 
 rily returned to his old home, but in January, 1861, finally settled 
 with his family in Chicago. He then became a partner of E, W. 
 Densmore in the general flour trade, joined the Board of Trade, 
 and the following year bought out his partner's interest. 
 
 In the winter of 1862-63 he was one of the most active men in 
 the organization of the First National Bank of Chicago ; was 
 elected a member of the first board of directors, and served on 
 that body until 1868, rendering meanwhile most efficient and valu- 
 able services in the development of the institution. 
 
 Soon after the foundation of the bank, Mr. Rice, together with 
 his friend Webster Batcheller, embarked in the wholesale lumber 
 business. Until the end of 1867 he devoted his entire energies to 
 the promotion of this venture, when, as the result of an attack of 
 typhoid fever, superinduced by too close attention to business, he 
 was obliged to retire from all his enterprises. At this time he 
 likewise resigned as a director in the bank, although he held his 
 stock in it until the day of his decease. 
 
 In June, 1856, Mr. Rice was married to Emma L. Sanford, 
 of Ballston Spa, New York. For a time after his removal to Chicago 
 he resided in the city proper; but in May, 1869, upon his retirement, 
 removed to Evanston. In religion he was a Presbyterian, and 
 throughout life was exceedingly philanthropic; he was ever ready 
 to aid any worthy charity. During the Civil War he contributed 
 liberally to the northern cause, both for the equipment of troops 
 and for the hospital service. After the great fire he gave freely 
 to relief work. He was active as a Whig and a Republican, but 
 never cared for public office. 
 
 For twenty-one years Mr. Rice was an invalid, having suffered 
 a paralytic stroke which affected the use of his hands and his power 
 of speech. This long period of seclusion from the busy world was 
 cheered by many warm personal attachments. While he enter- 
 tained himself by reading — especially American history and biog- 
 raphy— music, pictures, and flowers were his delight. 
 
 Mr. Rice died at his home. No. 635 University Place, Evan- 
 ston. Illinois, on May 17, 1888, at the age of sixty-one years, and 
 was buried at Graceland. A widow and four children survived him. 
 As a man and citizen he was highly esteemed by those who had 
 the good fortune to know him, and by them his memory will long 
 be cherished with affection.
 
 148 The First National Bank of Chicago 
 
 CHARLES J. SCHMITT 
 
 Charles J. Schmitt was born at Elberfeld, Germany, about 1830. 
 He emigrated to America probably in 1855; immediately came 
 West, and entered the employ of Hoffmann & Gelpke, German 
 bankers of this city. He remained with them several years until 
 the time of their failure, when he became connected with the firm 
 of Haskell & Barker, car-builders, Michigan City, Indiana. In 
 1865 he was engaged as general book-keeper in the First National 
 Bank, and subsequently, in 1866, was promoted to be assistant 
 cashier, which position he held until his decease, in 1868. 
 
 JOHN B. SHERMAN 
 
 John B. Sherman was born at Beekman, Dutchess County, 
 New York, in January, 1825. His early education was received 
 in the common schools of that neighborhood, much time during 
 his youth being spent on the farm. When nineteen years of age 
 he obtained a position as clerk in a country store, where he re- 
 mained until 1849. The gold fever, then prevalent, attracted him 
 to California, his journey thither being made by way of Mexico. 
 With peculiar good fortune he located and began mining near 
 Georgetown in the immediate vicinity where gold was first dis- 
 covered. Success attended his efforts, so that after one year he 
 returned with a small competency to his native town. He again 
 soon became restless; and removing, in the autumn of 1850, to Ken- 
 dall County, Illinois, settled upon a farm which he had purchased. 
 Country life, however, did not any longer please him. He forth- 
 with came to Chicago, and organizing the firm of Black & Sherman 
 engaged in the commission business. He first rented, in Decem- 
 ber, 1855, the old Bull's Head Stock Yards on West Madison street, 
 and subsequently the Myrick Yards at Cottage Grove avenue and 
 Thirty-ninth street, associating himself in the former enterprise 
 with D. K. Belding, and in the latter with his brother, J. N, W. Sher- 
 man. There were then four distinct cattle markets in Chicago. 
 Mr. Sherman, with great sagacity, realized the inconveniences 
 of this state of affairs, and foresaw the necessity either of a regu- 
 lar co-operation or of a consolidation of these varied interests. 
 As a result of his activity, the Union Stock Yards and Transit 
 Company of Chicago was incorporated in 1866. Prior to the full 
 execution of this project, Mr. Sherman for personal reasons re- 
 moved to Poughkeepsie, New York. He had scarcely arrived 
 there, however, when upon the death of F. E. Bryant, in the spring
 
 Biographical 149 
 
 of 1867, he was chosen general superintendent of the new company 
 and returned to this city. At a later date he was chosen vice- 
 president, general manager, and director. His entire time and 
 care were for many years devoted to the advancement of this 
 corporation. Not only the management but even matters of the 
 most minute character received attention from him. For this latter 
 purpose he made daily trips throughout the yards, directing every 
 detail of their organization. They were according to his ambition 
 to be not merely the greatest but likewise the best managed live- 
 stock market in the world. Through his efforts, and as a result 
 of his activity, this end has been fully achieved. 
 
 In 1863 Mr. Sherman was one of the organizers of the First 
 National Bank, and until 1867 served as a member of its board 
 of directors. He was also quite active in real estate transactions. 
 As a citizen he was devoted to all which conduced to the public 
 welfare. In the improvement and beautifying of the parks and 
 boulevards he was ever foremost. For many years he served as 
 a member of the board of South Park commissioners, and was 
 for some time president of that body. 
 
 On February 25, 1902, Mr. Sherman expired after a brief ill- 
 ness. In his death the community lost a notable figure and a promi- 
 nent advocate of pure politics. His entire life was that of a model 
 citizen; unassuming in manner and plain in his garb, he was 
 thoroughly domestic in his disposition. A wife, a son, and a daugh- 
 ter, Mrs, D. H. Burnham, survived him. 
 
 HORACE M. SINGER 
 
 Horace M. Singer, the son of John V. and Annie Collins 
 Singer, was born at Schenectady, New York, on October i, 1823. 
 When he was only one year of age, his parents removed to Con- 
 neaut, Ashtabula County, Ohio, residing there for the next twelve 
 years, at which latter date they again migrated, arriving at Lock- 
 port, Illinois, on October 31, 1836. In this last-named place they 
 had their home during many years. 
 
 The education of young Horace had already been concluded 
 before his departure from Ohio; the frontier district school of that 
 early day was the only institution of learning frequented by him. 
 While still a youth he became attached to the engineering corps 
 of the Illinois and Michigan Canal; was soon promoted to be super- 
 intendent of repairs, and continued at this occupation until 1852. 
 At this time he, together with Mancel Talcott, embarked on a small 
 scale in the business of stone quarrying, manufacturing, and deal- 
 ing. Their establishment and its resources were steadily and 
 gradually developed, until finally it became one of the principal
 
 150 The First National Bank of Chicago 
 
 stone companies in the country. In January, 1879, he was elected 
 a member of the board of directors of the First National Bank, in 
 which capacity he served until 1888. During this period he ren- 
 dered valuable and efficient service to the institution, in which he 
 was deeply interested. 
 
 In every respect Mr. Singer was a public-spirited citizen. 
 Through his business relations, he was naturally at the forefront 
 of the largest building operations undertaken in Chicago. He was 
 also more or less interested in politics. A member of the General 
 Assembly of the state in 1866; he sat as a county commissioner 
 in 1872, and was chairman of the building committee intrusted, 
 after the great fire, with the erection of the new county court-house 
 on the North Side. In religion he was absolutely undenomina- 
 tional. 
 
 Mr. Singer married on April 6, 1847, at Lockport, Illinois, 
 Harriet A. Roberts, and three sons were born to them. Practically 
 retiring from business in 1882, he nevertheless retained his interest 
 in the stone company with which his name was associated, and 
 likewise in several other enterprises, until the day of his death. He 
 removed, in 1892, to Pasadena, California, where, establishing a 
 beautiful home, he lived in retirement until December 28, 1896, 
 when he was called to his last reward. His remains were brought 
 back, for burial, to Lockport. 
 
 HENRY R. SYMONDS 
 
 Henry R. Symonds was born on January 11, 1840, at Niagara 
 Falls, New York. He had the opportunities of a common-school 
 education, supplemented by private instruction, until his sixteenth 
 year, when he accepted employment as an office boy in a local 
 bank. Little by little he worked his way up to a clerkship; and 
 at nineteen years of age felt that he was capable of larger and 
 more remunerative endeavor. Seeking for some better opening, 
 he finally determined to try his fortune in the growing city of 
 Chicago. Hither he came, and soon was serving as teller in the 
 banking house of Aiken & Norton. Within a short time he had 
 won the confidence and good will of Mr. Aiken, who, as soon 
 as he had become familiar with his capacities, and with a view to 
 improving his position, advised him to seek work elsewhere. Thus 
 it was that young Symonds, just as he reached his majority, was 
 engaged as cashier by Mr. C. B. Blair, who subsequently reor- 
 ganized his business as the Merchants' National Bank. In this 
 employment he remained for eight years. 
 
 In 1869 he was chosen to be assistant cashier of the First Na- 
 tional Bank, serving in that capacity until 1882, when he was pro-
 
 Biographical 151 
 
 moted to be cashier, and subsequently, in i8gi, to be vice-president; 
 in 1882 he was also elected to the board of directors, on which he 
 sat until his decease. In the various positions which he filled 
 during the twenty-three years of his association with this institu- 
 tion he was invariably regarded as a man sound in judgment and 
 endowed with a high degree of skill for the administration of 
 financial affairs. He always devoted himself conscientiously and 
 willingly to his daily tasks; no thought of any outside occupation, 
 speculation, trade or political advancement, ever interfered with 
 the proper performance of duty. 
 
 Mr. Symonds was twice married, first to Julia Ackley, of 
 New York, who died in 1874; and subsequently, in 1876, to Char- 
 lotte L. McKay, of Chicago. By his first wife three children, 
 by his last four, were born to him. Long years of toil in the 
 pursuit of his profession ultimately undermined his health; for a 
 long time he struggled against tlie increasing weakness of his 
 physical system. In January, 1892, however, he surrendered to 
 the advice of physicians, and thereupon went to Jacksonville, 
 Florida, in search of relief; but it was too late, for on March 26, 
 1892, surrounded by the members of his family, he breathed his 
 last. Of him, and as his memorial, his associate directors in the 
 First National Bank truly declared that: " His clear comprehen- 
 sion of the great trust reposed in him, his earnest application to 
 duty, his scrupulous regard for the interests he represented, 
 his prudence, fortitude, and courage, made his official life most 
 effective and valuable." 
 
 MANGEL TALCOTT 
 
 Mancel Talcott, the son of Mancel and Betsy Talcott, was 
 born October 12, 1817, at Rome, Oneida County, New York. He 
 acquired an ordinary school education, which was by necessity 
 cut short, and then for a few years engaged in farming. In 1833 he 
 started westward ; coming by boat to Detroit, he tramped across 
 Michigan, and finally arrived at Park Ridge, subsequently part of 
 Jefferson — near the future city of Chicago. Determined to settle 
 here for life, he married Mary H. Otis, on October 25,1841, and re- 
 sumed the occupation of farming for a livelihood. The California 
 gold fever attacked him in 1849, and he forthwith worked his way 
 across the western half of his continent. Somewhat disappointed, 
 but still with unabated energy, he returned to Chicago three years 
 later. This expedition seems to liave been the turning-point in 
 his career, for upon arriving once more on the shores of Lake 
 Michigan, he concluded to be something more than a farmer. 
 Chance gave him the opportunity to enter the employment of the
 
 152 The First National Bank of Chicago 
 
 Illinois & Michigan Canal Company, in which service he made 
 the acquaintance of Horace M. Singer, like himself engaged at 
 hard labor. The friendship between these two men gradually 
 ripened, so that within a few years they decided to join their 
 forces. Thence originated, in 1854, the copartnership in the stone 
 business, which for many long years has been known as the Singer 
 & Talcott Stone Company. Mr, Talcott thus found his chief oc- 
 cupation in life, although he was interested in several other im- 
 portant enterprises. In 1867 he was chosen a director of the First 
 National Bank, in which capacity he served until 1878. He was 
 also president of the Union Stock Yards National Bank ; presi- 
 dent of the Excelsior Stone Company, and a large stockholder in 
 the West and South Division Street Railway Companies. 
 
 A strong Republican in politics, Mr. Talcott was nevertheless 
 disposed to be independent ; locally he filled several important 
 posts. In 1863-1864, and again in 1865-1867, he served as alder- 
 man; in November, 1871, was chosen one of the first board of 
 county commissioners, and on December 14, 1871, was elected 
 by that body a member of the police board, of which he at once 
 became president, holding that position until 1872. Frequently he 
 was named as a prominent candidate for the mayoralty. 
 
 In religion, as in business and politics, he was straightforward, 
 and ever ready to do his part. By creed he was a Universalist. 
 
 His frank method of speech and action won for him a unique 
 reputation ; furthermore, his striking personality of figure seemed 
 to augment his originality. When he died, on June 5, 1878, he was 
 mourned by many thousands as a good citizen and faithful friend. 
 
 DANIEL THOMPSON 
 
 Daniel Thompson, son of Daniel and Deborah Fitch Thomp- 
 son, was born at Saccarappa, in the town of Westbrook, Maine, 
 on June i, 1824. In early childhood he lost both parents. After 
 some primary training in local schools, he was sent by friends to 
 New York City, where he prepared for college. In 1842 he gradu- 
 ated as a civil engineer from Norwich University, Norwich, Con- 
 necticut. Immediately afterward he started on a whaling voyage, 
 which lasted two years. Scarcely had he returned from this ad- 
 venture when his disposition for travel caused him to migrate to 
 the West. After roving for some time, he finally settled at Min- 
 eral Point, Wisconsin, where he obtained employment as book- 
 keeper in a bank, and later as superintendent of a shot tower. 
 Subsequently, in 1846-1847, he removed to Pekin, Illinois, engaging 
 there in a mercantile and commission business, and likewise be- 
 coming interested in pork-packing. After seven years in this
 
 Biographical 153 
 
 town, lie transferred his residence to Chicago, and at once entered 
 the grain elevator business with Flint, Wheeler & Co. Later 
 the firm became Flint & Thompson, and then Flint, Odell & Co. 
 It owned at first, and subsequently controlled, the Rock Island 
 elevators, on the south branch, just south of Twelfth Street. For 
 a number of years Flint & Thompson were also pork-packers. 
 
 During his residence in Chicago Mr. Thompson was identified 
 with many other enterprises. He was a director in the Union 
 National Bank ; likewise, from 1869 to 1871, in the First National 
 Bank; and in the Chicago City Street Railway. In the latter cor- 
 poration, together with Samuel M. Nickerson, he owned for 
 many years a controlling interest, and also served as superintend- 
 ent of the road. From 1854 to 1882 he was a member of the Chi- 
 cago Board of Trade, but although active on Change, was never 
 known to speculate. 
 
 In 1880, his health warning him that he must seek another 
 climate, he removed from Chicago to Louisiana, there purchasing 
 Calumet Plantation, on Bayou Teche, where he passed the remain- 
 der of his life. During sixteen years he devoted himself to the 
 planting and the manufacture of sugar. Together with his 
 son, Wibray Thompson, he also engaged in scientific experimenta- 
 tion. The fruits of his labors have been frequently published in 
 the bulletins of the chemical division of the United States Depart- 
 ment of Agriculture, in scientific journals, in trade papers, and 
 elsewhere. He long was distinguished as one of the most pro- 
 gressive, scientific, and best equipped planters and manufacturers. 
 The Calumet Plantation, including some 6,000 acres, became 
 famous throughout the world. Mr. Thompson was especially in 
 advance of his competitors in the employment of fertilizers, in the 
 chemical and physical investigations of his laboratory, and in 
 scientific research. Practical results, which previously had been 
 scouted as absurd, were fully realized by him. In the increase of 
 the quantity of sugar produced from a certain extent of land, or 
 from a given number of plants, his achievements were enormous. 
 In the mechanical and financial organization of his business he 
 also attained great success. Under his administration the pro- 
 duct of a ton of cane was increased from an average of one hundred 
 to two hundred pounds of refined sugar. 
 
 While residing in Louisiana he became a member of the New 
 Orleans Board of Trade, the New Orleans Sugar Exchange and 
 many other southern commercial organizations. 
 
 Outside of his business career, Mr. Thompson also achieved 
 high recognition in many departments. During his residence in 
 Chicago he became a charter and life member of the Chicago 
 Audubon Club, a life member of the Chicago Academy of Sciences, 
 and of the Chicago Historical Society, and was also associated with 
 the Art Institute. With J. Y. Scammon he was identified with
 
 154 The First National Bank of Chicago 
 
 almost every public enterprise undertaken in Chicago between 
 1865 and 1875. He was especially interested in the purchase and 
 erection of the telescope and observatory originally belonging to 
 the old Chicago University. During his later years in Louisiana he 
 never relaxed his interest in such matters, but was here likewise 
 identified with numerous scientific, agricultural, and art associations. 
 Throughout life he was a devotee of horticulture and agriculture; 
 took great pleasure in all things beautiful in nature, and was also 
 an admirer of animals. At one time he kept a small stable of fine 
 horses, including many noted trotters of the day; and was also 
 president of the Chicago Trotting Park Association, the prede- 
 cessor of Washington Park. He was naturally a hunter, fisherman, 
 and sailor. He sailed some of his craft in the first yacht races off 
 the harbor of Chicago. 
 
 During his life he traveled widely, and wherever he went made 
 hosts of friends, whom he counted in every community. Although 
 in his charities peculiarly modest, he was a liberal subscriber to 
 many philanthropic objects. The Home for the Friendless and the 
 Old Ladies' Home were particularly favored by him. In religion a 
 Unitarian, he was broadly tolerant in all matters of creed. He re- 
 fused all public trusts, and so great was his antipathy against such 
 activity that he even deterred his son from entering political life. 
 In the business world he accepted few positions in which he was 
 obliged to handle other people's affairs. 
 
 In 185 1 Mr. Thompson married Georgine Urquahart Wibray, 
 of New York City, by whom he had two sons, only one of whom, 
 however, reached manhood. It is he, Mr. Wibray J. Thompson, 
 who was so long associated with his father, and who ultimately 
 succeeded to his affairs. 
 
 After having passed more than four years as an invalid from a 
 stroke of apoplexy, which he suffered March 11, i8g6, Mr. Thomp- 
 son died at his home on Calumet Plantation, Bayou Teche, Lou- 
 isiana, on May 8, 1900. His remains were buried at Graceland 
 Cemetery, Chicago. 
 
 GEORGE WEBSTER 
 
 George Webster, son of Eliphalet K. and Harriet Slade Web- 
 ster, was born at Gilsum, Cheshire County, New Hampshire, on 
 April 24, 1824. After completing a high-school course at Thetford, 
 Vermont, he followed the avocation of teacher in his native state 
 until his twenty-first year. Upon coming of age he started a 
 general store at Alstead, New Hampshire, but after three years of 
 varied fortune his establishment was destroyed by fire. He then 
 engaged in the retail dry-goods business at Boston, Massachusetts,
 
 Biographical 155 
 
 until 1853, when he sold out, and moved to Toledo, Ohio. Here he 
 began to contract for the building of railways, but soon accepted 
 an offer of employment from the Lake Shore & Michigan South- 
 ern Company. For two years he continued in this occupation, 
 meanwhile directing the construction of the line into Toledo. In 
 1855 he came to Chicago, and together with Daniel Baxter 
 opened a produce commission house, under the name of Webster 
 & Baxter, on South Water street. The establishment was gradu- 
 ally transformed into a grain business, and likewise at one time 
 handled large quantities of dressed hogs. When the Chicago 
 Board of Trade was incorporated Mr. Webster became one of its 
 charter members, paying for his admission fee, as he frequently 
 afterwards recounted, the sum of five dollars. During the Civil 
 War his firm was awarded the contract of supplying the forage for 
 the Army of the Potomac. Until 1891 Mr. Webster continued a 
 member of the Board of Trade, during which time he sat upon 
 several occasions as a member of its directory, and attained a 
 prominent and influential position. 
 
 Soon after the great fire the copartnership existing with Daniel 
 Baxter was dissolved, and thenceforward the business remained 
 under the exclusive control of Mr. Webster, until 1885, when his 
 son, George W. Webster, became associated with him as a partner. 
 
 From 1867 to 1870 Mr. Webster served as a member of the 
 board of directors of the First National Bank. During his term 
 he was assiduous in his devotion to the interests of the institution, 
 and it was largely through his personal influence and persuasion 
 that Lyman J. Gage was in 1868 selected for the post of cashier. 
 He was also for some years a director of the Union Stock Yards 
 National Bank. 
 
 Prior to the fire Mr. Webster had made large investments in 
 real estate, and by this calamity suffered severe losses. Through- 
 out life, however, he was chiefly devoted to his immediate business. 
 He never took any special part in politics, and was not interested 
 in any outside lines of endeavor. 
 
 In early life, while residing in New Hampshire, he married 
 Rebecca A. Brooks, who, with two sons, survived him. Mr. Web- 
 ster died at his residence, 314 Belden avenue, in the city of 
 Chicago, on February 22, 1893.
 
 156 The First National Bank of Chicago 
 
 HENRY M. WILMARTH 
 
 Henry M.Wilmarth was born at Newport, New Hampshire, 
 on January 25, 1836. By ancestry thoroughly puritanical in be- 
 lief and character, the boy grew up under the influence of high 
 and rigorous ideals, while his education was limited to such facili- 
 ties as his native place afforded. Then he became, for a brief 
 period, the aid and assistant of his father, who was both farmer 
 and manufacturer. 
 
 When twenty years of age, he struck out for himself, and push- 
 ing westward as far as Chicago settled in this strange city. Anxious 
 to earn an honest living, he gladly embraced the offer of employ- 
 ment in the gas-fitting establishment of Gerould Brothers, then 
 a prominent firm in that line of business. When two years after- 
 wards both partners died, Mr. Wilmarth was selected to admin- 
 ister their affairs, and later became sole proprietor of the house. 
 As H. M. Wilmarth & Co., a partnership subsequently formed 
 between himself and his brother, it built up a lucrative business 
 and a wide reputation. Close application to business, and assiduity 
 in every undertaking rapidly brought their reward. In 1874 Mr. Wil- 
 marth was elected a director of the P'irst National Bank, and for the 
 next eleven years, until the day of his death, devoted much time, 
 thought, and care to the upbuilding of this institution. His only 
 political service was as alderman from the old Fourth Ward in 
 1865-1866, for by disposition he was adverse to public life. In religion 
 he was independent and broad-spirited ; for many years he regularly 
 attended Professor Swing's church. As a citizen and man lie was 
 well known in the community where he made his home. A mem- 
 ber of several clubs, however reticent in manner toward strangers, 
 he was with his intimate friends most genial, cordial, and cheerful. 
 Mr. Wilmarth married on May 21, 1861, Mary J. Hawes, of New Bed- 
 ford, Massachusetts, by whom he had two daughters. On Febru- 
 ary 27, 1886, after a brief illness, he died of a paralytic stroke.
 
 II 
 
 BIOGRAPHIES OF PERSONS STILL LIVING, 
 AT ONE TIME ASSOCIATED WITH THE 
 BANK, BUT WHOSE CONNECTION WITH 
 THE INSTITUTION HAS BEEN SEVERED 
 
 BENJAMIN F. ALLEN 
 
 Benjamin F. Allen, son of John and Jane Allen, was born at 
 Salem, Indiana, on April 27, 1829, and was educated at the public 
 schools. When seventeen years of age he joined the army, which 
 was then being organized to invade Mexico. He participated in 
 all the battles of the Mexican War ; was present at the taking 
 of Vera Cruz and at the capture of the City of Mexico, remaining 
 in the latter place until its evacuation by the American troops. He 
 then returned to Franklin, Indiana, and subsequently, in the 
 autumn of 1848, removing to Iowa, settled at the point known as 
 Fort Des Moines. Here he first engaged in the establishment of 
 a country store. 
 
 As Mr. Allen accumulated some fortune, he gradually became 
 interested in banking. The Bank of Nebraska, officially situated 
 at Omaha, but transacting the principal part of its affairs in Iowa, 
 passed under his control ; with good credit among financiers and 
 capitalists, he was able by means of his indorsement to float the 
 notes issued by this institution. The many hundreds of these bills 
 were ultimately redeemed by Mr. Allen. 
 
 On January i, 1859, under his inspiration, the State Bank of 
 Iowa was organized. On its directorate Mr. Allen served as a 
 member. He likewise obtained control of several other banks, in 
 which he was either president or at least the controlling factor. 
 In 1867 Mr. Allen was appointed receiver for the Mississippi and 
 Missouri Railroad Company, which proved a source of great ad- 
 vantage to him. About the same time he opened a New York 
 house, under the name of Allen, Stephens & Co. 
 
 In 1871 Mr. Allen was elected a member of the board of di- 
 rectors of the First National Bank of Chicago, in which capacity 
 he served until 1874. But his principal activity in this city was in 
 connection with another institution. On May 29, 1873, he bought 
 the controlling interest in the Cook County National Bank, of 
 which, on June 3, 1873, he became president. Although the panic 
 
 157
 
 158 The First National Bank of Chicago 
 
 of that year soon followed, the institution was, for the moment, 
 successful in weathering the storm, but was so seriously affected 
 that it with difficulty continued business until the beginning of 
 1875. On January i8th of that year it went into liquidation. Mr. 
 Allen surrendered all of his property for the benefit of his credi- 
 tors, and made every effort to satisfy, as far as he could, the 
 claims which they had upon him. 
 
 During the time that Mr. Allen was a resident of Iowa, he 
 served as a state senator for four years. 
 
 He married Musie A. West, of Des Moines, and erected there 
 a magnificent residence. Subsequently, when he became so 
 largely associated with Chicago, he transferred his home to this 
 city. After the loss of his fortune, Mr. Allen removed to Los An- 
 geles, California, where he has since then lived. For four years 
 he served as special agent of the general land office at this 
 place. He is now holding the position of forest superintendent 
 of reservations in the state of California. 
 
 In the evening of an eventful life, Mr. Allen still retains his 
 old cheerful disposition. 
 
 AUGUSTUS A. CARPENTER 
 
 Augustus A. Carpenter, the son of Alanson and Gulia Elma 
 Nichols Carpenter, was born on June 8, 1825, in Franklin County, 
 New York. He attended the common schools of his locality, 
 but owing to the straitened circumstances of his parents, being 
 obliged to abandon school, he left home at an early age. The 
 reports of the gold discoveries in California were so attractive 
 that he decided to make his way thither; undeterred by the great 
 risks which he might encounter, he sailed via the Isthmus of 
 Panama. Upon his arrival at the gold-fields, he and his brother, 
 who had already preceded him, joined in mining and trading. 
 Having amassed considerable capital, he left California in 1855, 
 returned East, and finally established himself in the dry goods 
 and lumber business in Monroe County, Wisconsin. This venture 
 proved successful, and Mr. Carpenter likewise more and more 
 believed that there was to be great wealth gained in the lumber 
 trade. Firm in this conviction, he associated with himself Abner 
 Kirby of Milwaukee, S. M. Stephenson of Menominee, Michigan, 
 and W. O. Carpenter of Chicago, in the formation of the well- 
 known lumber firm of Kirby, Carpenter & Co., subsequently 
 named the Kirby-Carpenter Company. Of this business Mr. 
 Carpenter has continuously acted as manager, until now for many 
 years past he has enjoyed the reputation of being the foremost 
 lumberman in Chicago. He was also for ten or twelve years
 
 Biographical 159 
 
 president of the Lumberman's Mining Company, with mines 
 located near Iron Mountain, Michigan. He is Hkewise at the 
 present time vice-president of the South Side Elevated Railway 
 Company, a director of the Metropolitan National Bank of Chi- 
 cago, and has been president of the Lumberman's National Bank 
 of Menominee, Michigan. From 1883 to 1900 he served as a 
 member of the board of directors of the First National Bank of 
 Chicago, in which capacity he was a prudent counselor and a 
 valuable friend to that institution. 
 
 Mr. Carpenter has resided in Chicago since 1864, and has 
 always shown himself to be a public-spirited and useful citizen. 
 A firm Republican, he is one of the foremost advocates of reform 
 in municipal scovernment. The election law of 1885 was chiefly 
 due to his efforts. He is a member of the Commercial Club, of 
 which he has served as president, and is likewise president of the 
 Citizens' Association. He has long been interested in charitable 
 institutions, but owing to Mrs. Carpenter's activity in this line, his 
 name seldom appears in that connection. He was also for a num- 
 ber of years a trustee of the Training School for Nurses. Of firm 
 character, clear insight, and conscientiously fulfilling his obliga- 
 tions, he is, above all, a master mind in his particular line of busi- 
 ness; and yet upon every occasion he has found time to contribute 
 his assistance to the solution of the pressing questions of society 
 and government. 
 
 CHARLES H. CONOVER 
 
 Charles H. Conover was born in eastern Pennsylvania on July 
 12, 1847. I" his youth he received a common and high school edu- 
 cation. When twelve years of age, together with his parents, he 
 removed to Buffalo, New York. At the outbreak of the Civil War, he 
 enlisted in the Home Guards, organized for the defense of the 
 frontier against the possibility of an invasion from Canada. In 
 1865 he began active life in the employ of a hardware house in the 
 city where he was then residing. Six years later, in 1871, he came 
 to Chicago, and almost immediately secured a position with the 
 firm of Hibbard, Spencer, Bartlett & Co. Little by little he won 
 promotion, so that when, in i88i, the present corporation was or- 
 ganized, he became one of the directors, and subsequently its 
 secretary. In this capacity, and as general manager, he still 
 serves. 
 
 From 1900 to 1902 Mr. Conover was a director of the First 
 National Bank.
 
 i6o The First National Bank of Chicago 
 
 JAMES C. FARGO 
 
 James C. Fargo, son of William C. and Tacy Strong Fargo, was 
 born at Watervale, Onondaga County, New York, on May 5, 1829. 
 His ancestors had migrated about 1680 from Wales, and had settled 
 at New London, Connecticut. He was educated at the public 
 school of his native town. When fifteen years of age he went 
 to Buffalo, where he obtained employment in the office of his 
 brother, William G. Fargo, who with Henry Wells and Daniel 
 Dunning, had just inaugurated the express business. The firm 
 was known as Wells & Co., and the line then extended from Buffalo 
 to Detroit. Another company, called Livingston, Wells & Pomeroy, 
 owned the line from Albany to Buffalo. Here the subject of the 
 present sketch performed various petty duties, such as keeping 
 the office in order, running errands, and delivering packages. 
 He accompanied his brother in the spring of 1847 to Detroit, and 
 one year later was placed in partial control of this office. Within 
 a short time he was promoted to be manager of the business in 
 that city, and soon became superintendent for the state of Michigan. 
 In 1855 he removed to Chicago, and was appointed local agent. 
 Meanwhile the transactions of the company were gradually expand- 
 ing, its name had been changed to that of the American Express 
 Company, and the necessity for more men of ability and breadth 
 of view was constantly increasing. Mr. Fargo was in due time 
 made superintendent of the northwestern division. While resid- 
 ing in Chicago, he became in 1863 one of the founders of the First 
 National Bank, upon the first directorate of which he was chosen. 
 When the organization of the board was effected, he was moreover 
 elected vice-president. Unfortunately his other varied duties caused 
 him to decide that he could not spare the time necessary for the 
 performance of the tasks incidental to this position; he therefore 
 soon resigned, and entirely withdrew from the management. 
 
 In January, 1867, he accepted the position of general super- 
 intendent of the American Express Company, and was elected 
 a director of the corporation of Wells, Fargo & Co. The assumption 
 of these new functions necessitated his removal to New York City. 
 Here for five years he labored indefatigably and with extraordinary 
 success in the development of the business confided to his care. 
 Owing to these unremitting exertions his health failed in 1872; 
 he then went to Europe with his family for some eighteen months. 
 Returning in 1874 to New York, he again resumed his numerous 
 activities, which he still continues to discharge. Since 1859 he has 
 been a director in the American Express Company; and in 1881, 
 after the decease of his brother, William G. Fargo, was promoted 
 to the presidency, which position he now fills.
 
 Biographical i6i 
 
 While his entire business h'fe has been devoted to the affairs 
 of the American Express Company, Mr. Fargo has other important 
 interests wherein he displays liis customary activity and energy. 
 The Merchants' Dispatch Transportation Company was reorgan- 
 ized by him in 1871, and since then he has been its president. 
 Furthermore he is a director in the National Express Company, 
 in the United States Express Company, in the Chicago & North- 
 Western Railroad Co., and in the Winona & St. Peter Land Co. 
 
 In other fields of endeavor Mr. Fargo is also well known. 
 During his residence in Chicago he was a vestryman of Trinity 
 Protestant Episcopal Church. After his removal to New York he 
 attended St. Thomas' Church, of which he has been vestryman 
 and treasurer for more than twenty-five years. He is a member 
 of the church and city clubs of New York, also of the American 
 Society for the Prevention of Cruelty to Animals, the American 
 Geographical Society, the New York Genealogical and Biographical 
 Society, the American Museum of Natural History, the New York 
 Zoological Society, and the Metropolitan Museum of Art. On 
 December 15, 1853, Mr. Fargo married Fannie P.Stuart, daughter 
 of Colonel John Stuart, of Battle Creek, Michigan; she died on 
 August 31, 1896. This union was blessed with four children, two 
 sons and two daughters; both the latter are dead; tlie former 
 have long been engaged in the same business as their father. 
 
 CORNELIUS R. FIELD 
 
 Cornelius Robbins Field, son of Lucius and Lucia Hubbard 
 Field, was born at Troy, New York, on February 29, 1836, and is 
 a member of the distinguished family of the same name. His 
 parents were of moderate means. After a few years spent in the 
 common schools of his native town, he, when just ten years of 
 age, obtained employment as errand boy in the office of the New 
 York Courier and Enquirer, then under the editorship of James 
 Watson Webb. Two years later, in 1848, together with his parents, 
 he migrated to Janesville, Wisconsin. Here, during the next five 
 years, he served as a clerk in a country store. At the age of seven- 
 teen he transferred his activities to Chicago. LTpon arriving in 
 this city, he secured a clerical position in the Michigan Soutliern 
 Railroad office, and subsequently was employed in various capaci- 
 ties by the Illinois Central, New York and Erie, and the New 
 York Central Railroad companies. From 1857 to i860, he was 
 connected with the management of the City Hotel, then one of the 
 leading houses in Chicago. Again for two years he cast his for- 
 tunes with the railroad business. Upon the organization of the 
 internal revenue system, he was appointed assistant assessor for
 
 i62 The First National Bank of Chicago 
 
 the First District of Illinois. He was soon promoted to be chief 
 clerk, and in fact developed the methods of procedure, and most 
 of the details of the management of the office in which he was 
 employed. 
 
 In 1866, the management of the First National Bank elected 
 him cashier of the institution. For two years he filled this position 
 with credit. Desirous then of extending his energies, he formed 
 a partnership with George S. King and Moses Turner, for the real 
 estate and stock brokerage business, under the style of Field, 
 King & Co.; after the expiration of this arrangement, in 1871, Mr. 
 Field continued its affairs as C. R. Field & Co., devoting himself 
 entirely to the line of mortgages, loans, and securities. In 1880, 
 severing his connection with Chicago, he returned to reside in 
 Brooklyn, and until 1898 was engaged in brokerage in New York 
 City. Since the last-mentioned date, he has been the cashier of a 
 large manufacturing concern. 
 
 Mr. Field was married on March 12, 1861, to Sarah E. Har- 
 vey, of Chicago. Five children have been born to them. 
 
 LYMAN J. GAGE 
 
 Modern finance may well be classified among the fine arts; 
 those who would attain success in its domain must possess a clear 
 eye, a delicate touch, a knowledge of fundamental principles, and an 
 appreciation of remote effects, combined with wonderful prudence 
 and an unflagging energy. To have risen from the ranks to the lead- 
 ership in any department of activity is always in itself a recognized 
 proof of the existence of the requisite qualifications in the indi- 
 vidual; how much greater the distinction to have achieved renown 
 in a profession which few master because of the manifold charac- 
 teristics essential to proficiency. 
 
 Lyman J. Gage is of New England stock; both his parents 
 were born in the state of New York; and it was at the village of 
 DeRuyter, in Madison County of that state, on June 28, 1836, that 
 he himself first saw light. His father, Eli A., a hatter by trade, 
 and his mother, Mary Judson Gage, were respected members of 
 the community. In 1846 the family home was transferred to Rome, 
 Oneida County, at which place an academy had just lately been 
 founded. For four years Lyman attended this institution, until in 
 1851 stress of circumstances brought his scholastic course to an 
 end, and caused him to start on his long and active business career. 
 At the age of fourteen he obtained a position as clerk in the local 
 post-office. One year later he was promoted to be mail route agent 
 on the Rome and Watertown Railroad, in which capacity he served 
 for three years. His natural disposition for banking was now first
 
 Biographical 163 
 
 manifested. A clerkship in the Oneida Central Bank of Rome, 
 which paid the salary of $ioo per year, was open. Young Gage 
 entered upon his new labors in 1854, The scope of his duties was 
 wide. As general clerk — a position which since then has received 
 another signification — he was teller, book-keeper, and correspond- 
 ent, besides being, out of banking hours, janitor and watchman. 
 With perfect confidence in his own abilities, he soon began to feel 
 that he was entitled to a larger remuneration. Tactfully, but still 
 firmly, he made the suggestion of his reasonable aspirations to his 
 employers; but they failed to accord his request. The determina- 
 tion of his life was then taken. 
 
 Nineteen years of age, and buoyant in hope, he decided to 
 join the throng of ambitious men and women who were turning 
 their faces toward the rising city on the shores of Lake Michigan. 
 On October 3, 1855, Mr. Gage first set foot in this future metropolis. 
 For a time fortune scarcely smiled upon him. With only the 
 scanty and depleted savings of previous toil in his pocket, the 
 choice of occupation was not free; he must accept whatever might 
 be offered. Nathan Cobb then owned the lumber yard and planing 
 mill on the corner of Adams and Canal streets. Here the young 
 man obtained employment. His duties in this position again 
 scarcely admit of definition; although among them were included 
 those of book-keeper and teamster. During the panic of 1858 he 
 lost his job; the best temporary work which he could secure being 
 that of a night watchman on the same premises. At this point he 
 reached the crisis of his career. 
 
 In his determination he never faltered. Always diligent, stu- 
 dious of the interests of his employers, careful in his own personal 
 conduct, capable in any emergency, and never depressed in spirit, 
 he felt certain of ultimate triumph over all transient obstacles. 
 His anticipations were, at this very moment of apparent failure, 
 about to be fulfilled. Six weeks later he was employed as book- 
 keeper by the Merchants' Savings, Loan and Trust Company, his 
 salary being fixed at five hundred dollars per annum. From the 
 day of his assumption of this position in August, 1858, his advance- 
 ment was not only steady, but rapid. Year by year he was pro- 
 moted, first in 1859, to be paying teller at $1,200 salary; next in 
 i860, to be assistant cashier at $2,000 ; and finally, in 1861, he was 
 appointed cashier, which last position he held until 1868. The ef- 
 fects of this period of service were reciprocal. While Mr. Gage 
 brought to the performance of his duties in every station his cus- 
 tomary fidelity and sagacity, he himself, on the other hand, had 
 the exceptional opportunity of meeting in close association the 
 principal men of the city. Polished and broadened by this inter- 
 course, he passed through experiences, and reaped incidental re- 
 wards of incalculable value to him in later years. How trying the 
 war period proved for Western bankers has elsewhere been set
 
 164 The First National Bank of Chicago 
 
 forth. Mr, Gage was prepared for every turn of affairs, and con- 
 tributed decisively to guide the institution with which he was then 
 identified through many troublous and anxious events. 
 
 Upon the retirement of Cornelius R. Field, cashier of the First 
 National Bank, in 1868, that institution was seeking a capable and 
 thoroughly experienced man to fill his place. Attention was natu- 
 rally directed to Mr. Gage, and within a short time an arrange- 
 ment was reached by which he transferred his allegiance, thus at 
 last entering upon his life's work. The acquisition of this young 
 financier, already so well known, was regarded as a decided acces- 
 sion of strength ; so quickly did he impress his individuality upon 
 the bank, that in 1870 he was chosen a director. With self-sacri- 
 ficing and assiduous labor, he toiled incessantly to carve out 
 success for the establishment with which he was thenceforth con- 
 nected. Little by little he became the controlling factor in the 
 management of its affairs. Upon him, directors, fellow-officers, 
 stockholders, and patrons gradually came implicitly to rely ; and 
 under his care and management the bank grew and phenomenally 
 flourished. Through panics, depressions, and fire it not merely 
 stood unshaken and unscathed, but even made constant and regu- 
 lar progress, until it attained national reputation for its sound 
 condition, not less than for volume of business. In this forward 
 movement Mr. Gage reaped the chief honors ; cashier for fourteen 
 years (1868-1882), vice-president for nine years (1882-1891), and 
 president for six years (1891-1897), he filled every position with 
 distinction. He was also the first president of the Chicago Bank- 
 ers' Club, and likewise three times (1882, 1883, 1884) chosen presi- 
 dent of the American Bankers' Association, 
 
 Mr. Gage had for many years had national renown for his firm 
 convictions in favor of honest banking and a sound currency. With 
 such views, president of a great banking institution, long regarded 
 as among the leading financiers of the country, and rendering 
 pronounced service to the defeat of economic heresies in the 
 campaign of 1896, he was the logical selection for the treasury 
 portfolio in the new Cabinet. In February, 1897, announcing to 
 the board of directors of the First National Bank his decision to 
 accept the tendered post, he offered his resignation as president 
 and director of the institution to which he had devoted the twenty- 
 nine best years of his life; and in the following month removed to 
 Washington. For five years he managed with distinction and 
 success the financial department of the government, until on Feb- 
 ruary I, 1902^ the day on which his resignation became effec- 
 tive — he retired from the performance of its duties. 
 
 The career of Mr, Gage in public station is so well known 
 that any detailed sketch of the past few years would here appear 
 perfunctory. History will undoubtedly testify to the skill and 
 brilliancy with which he conducted the affairs of his office. Sum-
 
 Biographical 165 
 
 moned to the helm just after a period of financial stringency, re- 
 quired to provide the revenue requisite to wage a foreign war, and 
 especially bound to elaborate a plan for the legal establishment of 
 a gold standard, he proved himself by his initiative and sugges- 
 tions able to solve the most difficult problems. The effects of his 
 administration of the treasury department will in many respects 
 be permanent; far more than the majority of his predecessors 
 he impressed himself upon the economic history of the nation; 
 and by just so much the more will he be remembered by posterity. 
 
 Since his withdrawal from the Cabinet Mr. Gage has been 
 chosen president of the well known United States Trust Company 
 of New York City, where he in the future intends to reside. He 
 has likewise recently been elected a member of the New York 
 Chamber of Commerce, and a director in the Chicago Title and 
 Trust Company. 
 
 The mere sketch of the principal occupation of Mr. Gage as a 
 banker does not comprise the full breadth of his activities. There 
 are other fields in which he has won distinction alone sufficient to 
 entitle him to high rank. The greatest public service ever rendered 
 by him to his home city was, perhaps, in connection with the Co- 
 lumbian Exposition. From the beginning of the discussion of 
 the question he was active in his determination that the Fair 
 should be held at Chicago. He helped to organize the various 
 local committees, pledged his name that the requisite $10,000,000 
 should be raised, and was unanimously chosen the first president 
 of the Chicago board of directors. Although overburdened with 
 his regular tasks as an officer of the First National Bank, he lent 
 a courageous and most efficient hand as the chief mainstay of the 
 
 f)roject throughout the first year of its existence. His energy and 
 orce of character were a constant inspiration until the conclusion 
 of the enterprise. On January 24, 1891, he resigned as presi- 
 dent of the World's Fair to accept the presidency of his bank, 
 action which he took chiefly at the urgent behest of those who were 
 interested in the latter institution. Not only did he, however, 
 continue a member of the Exposition directorate, but he posi- 
 tively refused all pecuniary remuneration for his services as chief 
 executive. 
 
 Mr. Gage has always shown himself in full sympathy with social 
 movements. In i8gi he was active in inaugurating at Chicago 
 a series of "economic conferences" for the discussion of topics 
 bearing upon the mutual relations of capital and labor. Through 
 his personal efforts men of wealth and those whose hands were 
 stained with toil were brought upon the same platform. He him- 
 self upon two occasions addressed these meetings with the display 
 of a wide knowledge of economic problems and a peculiar felicity 
 of expression. Somewhat later he was chosen president of the 
 Civic Federation of Chicago,
 
 i66 The First National Bank of Chicago 
 
 In social life Mr. Gage has been prominent both in Chicago 
 and Washington. He has been twice married, first in 1864 to Miss 
 Sarah Etheridge, daughter of Dr. Francis B. Etheridge, of Little 
 Falls, New York; this lady died in 1874, leaving one son, Eli Gage, 
 who still resides in Chicago. In 1887 Mr. Gage again married, 
 this time Mrs. Cornelia Gage, of Denver, Colorado, who died in 
 July, igoi. In his home life Mr. Gage has always been noted for 
 his hospitality. He has a carefully selected library, in the enjoy- 
 ment of which he passes much time. Through diligence in read- 
 ing the best authors, he has accumulated an extensive stock in many 
 departments of knowledge. While literature is the chief object 
 of his admiration, he has not neglected art. When a resident 
 of Chicago he was for many years a director and the treasurer of the 
 Art Institute; he was also president of the Commercial Club and 
 a member of the Chicago Club. A busy man, he does not waste 
 his leisure in frivolous amusements. Known as a strong Repub- 
 lican, but never hesitating to champion the best men and the 
 highest principles to whatever party belonging, he has often been 
 solicited to express his views on the platform and in the press. 
 Distinguished in so many ways, he has risen to his present 
 eminence through force of character; success has been the result 
 of untiring energy. In brief, his career affords a striking illustra- 
 tion to the young men of the land of what triumphs can be won 
 by perseverance, industry, and honest purpose. 
 
 FRANKLIN D. GRAY 
 
 Franklin D. Gray, son of Silas A. and Lucretia Wadhams Gray, 
 was born at Sharon, Litchfield County, Connecticut, on May ig, 1818. 
 Passing his early years on a farm, and leaving the district school 
 at ten years of age, he went from home two years later to begin 
 commercial life as a clerk in a small grocery store at Goshen Center, 
 Connecticut. There he remained until he had reached his twenty-first 
 year; one year having meanwhile been spent in a high school of the 
 neighborhood. Thus equipped, with little book education, but con- 
 siderable practical experience, young Gray, with two of his fellow 
 townsmen, Messrs. Norton and Walter, removed to Chicago in 1840; 
 and they having soon established a general store on South Water 
 street, took him into their employ; at the beginning of 1845 he 
 became one of the partners in the firm which then assumed the 
 name of Norton, Walter & Company. Four years later the style 
 of the house was changed to Gray & Densmore; and again, in 1853, 
 to Gray, Densmore & Phelps; five years subsequently Mr. Dens- 
 more retired, selling his interest to Mr. Gray, and at the same 
 time Moses W. Gray, a brother, and Frederick Gaylord were
 
 Biographical 167 
 
 admitted to the partnership, which thenceforth for several years 
 was called Gray, Phelps & Company, In 1869, upon the retire- 
 ment of Mr. Gaylord, the name of Gray Brothers & Co. was 
 adopted. Several changes in the members and title of the firm 
 afterward occurred, it becoming finally known as Gray, Burt & King- 
 man, In these later days Franklin D. Gray was a special part- 
 ner, while Moses W. Gray, William Burt, and Charles H. King- 
 man were general partners, until eventually, after the death 
 of Moses W. Gray, the partnership was dissolved, and the busi- 
 ness terminated. For the past twenty-one years, indeed, Franklin 
 D. Gray has not been actively engaged in the grocery business, 
 his personal care being chiefly devoted to his other manifold 
 interests. 
 
 In 1866 Mr. Gray was first chosen a member of the board of 
 directors of the First National Bank, which position he continued 
 to hold until 1899. Upon the death of President Aiken, and the 
 promotion of Samuel M. Nickerson to the presidency of the bank, 
 m 1867, he was chosen its vice-president. During the entire 
 period of the first charter, until 1882, he served in this capacity. 
 Throughout these many years he was a staunch friend of the insti- 
 tution. A strong advocate and a prudent counselor, he greatly 
 contributed to the success and prosperity of its affairs. Soon 
 after the reorganization incidental to the renewal ot the charter in 
 1882, Mr. Gray, for reasons of expediency, resigned the vice- 
 presidency; it being considered imperative that he should assume 
 the presidency of the National Safe Deposit Company, which, 
 as elsewhere explained, was organized as a corporation subsidiary 
 to the bank. Until 1899 he served as a member of the board of 
 directors of the latter; finally voluntarily retiring at that time 
 because of his advanced years, and his desire to enjoy greater 
 ease, reinforced by his belief that the interests of the institution 
 would be better conserved by younger and more active men. 
 
 Aside from his business career, in which he has reaped the 
 rewards of well-merited success, Mr. Gray has long been known 
 in his home city as a practical philanthropist and active helper in 
 many lines of endeavor. To many institutions devoted to chari- 
 table and benevolent objects he has frequently and liberally given 
 both of his fortune and time; while in several instances taking an 
 active and prominent part, he has never been lacking in sympathy 
 and suggestion. In early days he was a member of Engine Com- 
 pany No. I, being its secretary and treasurer for a period of ten 
 years. Later he co-operated in the establishment of the Fire- 
 men's Insurance Company. 
 
 On July 4, 1843, Mr. Gray was married, at Norfolk, Connecticut, 
 to Ann O.Phelps, daughter of Jeremiah Phelps, who is no longer 
 among the living. Although he has already passed the age of
 
 i68 The First National Bank of Chicago 
 
 four-score, he continues to give daily care to his numerous financial 
 and business interests. He is respected and honored by ail who 
 know him for his sterling qualities of mind and character. 
 
 ROLAND C. NICKERSON 
 
 Roland C. Nickerson, son of Samuel M. and Matilda P. Nick- 
 erson, was born at Chicago on July 27, 1859. His early education 
 was obtained in the schools of his native city, and was subse- 
 quently supplemented by training in France and Germany. After 
 returning home, prepared for active life, he at once entered the 
 service of the First National Bank, Later he opened a banking 
 and brokerage house at Chicago, in which pursuit he was engaged 
 until June, 1900, when he retired from business, and thereupon 
 removed to New York City. From 1892 to 1900 Mr. Nicker- 
 son served as a member of the board of directors of the First 
 National Bank. 
 
 HENRY H. PORTER 
 
 Henry H. Porter, son of Rufus King and Lucy L. Porter, was 
 born at Machias, Maine, in 1837. His early years were spent in 
 his native town and at school at Washington Academy and Ando- 
 ver Academy, in the state of Massachusetts. At fourteen years of 
 age he began business life as a clerk in a country store at East- 
 port, Maine. In 1853 he removed to Chicago, where he obtained 
 employment in the offices of the Galena and Chicago Union Rail- 
 way ; until i860 he was engaged in various subordinate positions, 
 acting from time to time as cashier, claim agent, paymaster, and 
 general ticket agent. During the next five years he was in the 
 service of the Michigan Southern and Northern Indiana Railway^ 
 now a part of the Michigan Southern and Lake Shore system — in 
 the capacity of general freight agent and general superintendent. 
 He then, from 1866 to 1871, turned his attention to the lumber 
 trade, joined in a partnership under the name of Spaulding & 
 Porter, and did a large business on the Menominee and Cedar 
 rivers, in Wisconsin and Michigan. In 1868 he was elected a 
 director of the First National Bank of Chicago, a post he filled 
 with distinction until 1891. About the same time, 1868, he likewise 
 was chosen a member of the board of the Chicago, Rock Island 
 and Pacific Railway, upon which he continued for the next thirty 
 years. In 1870 he became a director of the Chicago and North- 
 western Railway, which position he held until 1877. Meanwhile, he
 
 Biographical 169 
 
 was for a period general manager of this road, and was a director 
 in the Union Pacific Railway. In connection with several asso- 
 ciates, he purchased, in 1875, the West Wisconsin Railway, and as 
 a result of tliis transaction, bought, constructed, and consolidated 
 the various lines now forming the Chicago, St. Paul, Minneapolis 
 and Omaha Railroad, of which he was for some years president. 
 He also, through purchase, obtained control of the St. Paul and 
 Duluth Railway, serving as its president until its subsequent sale. 
 About 1882, Mr. Porter and others bought the Union Steel Com- 
 pany, of Chicago, then in bankruptcy, and after its reorganization 
 amalgamated it witli the North Chicago Rolling Mill Company, 
 and the Joliet Steel Company. In 1886, he was one of the syndi- 
 cate which purchased the Minnesota Iron Company, and the 
 Duluth and Iron Range Railway, and for many years was at the 
 head of their board. When these properties were transferred to 
 the Federal Steel Company, he was chosen chairman of the latter 
 corporation, in which position he served until, in conjunction with 
 other companies, it entered the combination known as the United 
 States Steel Corporation. From 1883 to 1887, he bought up the 
 different roads now constituting the Chicago and Eastern Illinois 
 Railway, of which he is chairman. During the last few years, he 
 has also been a director of the Brooklyn Rapid Transit Company, 
 of New York. 
 
 Mr. Porter married Eliza T. French, daughter of G. H. French, 
 of Chicago ; they have three children, Mrs. G. S. Isham, H. H. 
 Porter, Jr., and George F. Porter. From 1853 to i8q8, Mr. Porter 
 resided in Chicago ; at the last-mentioned date he removed his 
 home to New York. He still retains his country place at Lake 
 Geneva, Wisconsin, where he always passes the summer. Mr. 
 Porter is not only a man of commanding position in the financial 
 and industrial world, but also a gentleman of excellent personal 
 qualities. 
 
 GEORGE C. WALKER 
 
 George C. Walker was born at Burlington Flats, Otsego 
 County, New York, on November 5, 1835. His ancestors came to 
 America in 1640. At the time of his birth his father had already 
 settled in Chicago. At an early age he lost his mother, and then 
 for some years he resided with his grandfather at Plainfield, New 
 York. During this period he frequented the public schools in 
 winter, and worked on the farm in the summer season. When 
 twelve years of age he joined his surviving parent in Chicago; and 
 after his arrival in this city attended, for a year, the academy kept 
 by Benjamin F. Taylor, a man subsequently well known in the 
 literature of the West.
 
 lyo The First National Bank of Chicago 
 
 Mr. Walker then began business as an employee in his father's 
 lumber yard. The following winter (1848-1849)116 took a brief course 
 at the Temple Academy. The next spring he went to Southport, 
 now Kenosha, and bought a quantity of wheat, graded it, and sold 
 it at a very considerable profit. He then hired a canal-boat and 
 made a successful trading trip to St. Louis. For some time he 
 remained in the employ of his father; then passed one year at Be- 
 loit College and a winter at Brown's University, Providence, Rhode 
 Island. His ambition had been to obtain a collegiate degree, but 
 unexpectedly he received the offer of a partnership in the firm of 
 Charles Warner & Son, which he accepted. Until 1888 Mr. Walker 
 was actively engaged in the commission and provision business. 
 In 1880 he also added the stock business as a department. The 
 firm then became a member of the New York Cotton Exchange, 
 and soon afterward was one of the first to obtain the use of an 
 exclusively private wire for its telegraphic reports. Mr. Walker 
 is now a member of the New York Stock Exchange, of the Chicago 
 Stock Exchange, and the Chicago Board of Trade. From 1867 to 
 1869 he also served as a member of the board of directors of the 
 First National Bank. 
 
 He is likewise interested in Chicago real estate. In 1868 he 
 bought 1,300 acres of land near the city, and soon started the town 
 of Washington Heights. Somewhat later he laid out Morgan Park, 
 to which, in 1888, he presented for library purposes land and build- 
 ings valued at $12,000, besides making a liberal contribution for 
 books. Afterward he donated, in 1892, another building and two 
 acres of land, valued at $30,000; and again, $100,000 for the erec- 
 tion of a Museum of Science. Ever since 1864, the date of its 
 organization, Mr. Walker has been prominent in the Chicago Acad- 
 emy of Science. He is a regular attendant at Immanuel Baptist 
 Church. He has been twice married; first, in 1858, to Ada Chap- 
 man of Buffalo, who died in 1861; and again, in 1880, to Mrs. Mary 
 M. Keen of New York.
 
 Ill 
 
 BIOGRAPHIES OF PERSONS NOW ACTIVELY 
 CONNECTED WITH THE BANK 
 
 ( SAMUEL W. ALLERTON 
 
 Samuel W. Allerton was born at Amenia Union, in Dutchess 
 County, New York, on May 26, 1828. His early youth was passed 
 on the farm, and he received only such education as the country 
 schools of that time offered. His first ambition was to be a stock 
 dealer. Before he was twenty he had developed a strong taste in 
 this direction, and had shown such ability as to make him well 
 known in his neighborhood. As the scope of his affairs broadened, 
 the western country attracted his attention as a better field for 
 his energies than that of his native state. Starting out, therefore, 
 in 1856, m quest of a future home and fortune, he gradually pushed 
 westward, until finally he settled on the prairie in Piatt County, 
 Illinois. Here he again pursued his old avocation. With the 
 growth of his transactions, the rising city of Chicago afforded him 
 more and more a market, of which he was quick to take advantage. 
 Little by little he perceived that as an accessory to his immediate 
 business, he must provide suitable facilities, in the coming me- 
 tropolis, for handling the shipments which he made thither. With 
 this aim, he first opened here an agency, to which he consigned his 
 live products ; then, in the ordinary course, the next move was 
 the inauguration of a packing house. This step accomplished, 
 his operations had already developed to such an extent that his 
 own farm in Illinois was no longer capable of supplying the de- 
 mands which trade made upon him ; hence, other more extended 
 connections with the sources of supply throughout the West — he 
 now owns 40,000 acres of land in Ohio, Illinois, and Iowa — and in 
 turn, as the inevitable result, the establishment of additional 
 packing plants at St. Louis, Omaha, Kansas City, Pittsburg, Balti- 
 more, Philadelphia, and Jersey City. 
 
 The growth of Mr. Allerton's business may well be cited as a 
 fair standard by which to measure the development of the pack- 
 ing interests of Chicago. Through his energies, and those asso- 
 ciated with him, the Stock Yards have been largely built up. When 
 he first entered upon his labors in this field, scarcely a single es- 
 tablishment of the kind existed. As an indication of the magni- 
 tude locally attained by this industry it should be cited that in 
 
 171
 
 172 The First National Bank of Chicago 
 
 1901, 3,031,396 head of cattle, and 8,903,494 hogs arrived at the 
 Union Stock Yards, of which 1,999,820 of the former and 7,599,532 
 of the latter were slaughtered and packed. 
 
 While Mr. Allerton has been chiefly preoccupied with the pro- 
 motion of this special trade, he likewise early became known as 
 an influential leader in the world of finance. The earnings an- 
 nually accruing to him from his manifold activities he naturally 
 felt must be properly and safely placed. With much prudence 
 and sound judgment, he has always carefully selected the objects 
 of his permanent investments. Generally disposed to favor finan- 
 cial enterprises of the larger class, he has long been identified 
 with many important institutions of the city. 
 
 In 1863 he was one of the men originally interested in the 
 foundation of the First National Bank. From the date of its 
 organization he has continued to be a member of its board of direc- 
 tors; enjoying at the present moment, together with Samuel M.Nick- 
 erson, the unique distinction of having served in this capacity during 
 the past thirty-nine years. Through his constant care, wise con- 
 servatism, and still inexhaustible energy, he has rendered the cor- 
 poration invaluable services. Among all those who have been 
 connected with it during its history, he has always been foremost 
 in solicitude for its welfare and progress. For many years he 
 was a director of the Chicago City Railway Company, and like- 
 wise served as a director of the Columbian Exposition. He has 
 also been active in many other corporations and business enter- 
 prises of Chicago and elsewhere. In every position which he 
 has occupied, he has been recognized as a man of ability and 
 prudence. 
 
 Politically, Mr. Allerton is a Republican, a strong protectionist, 
 and an advocate of all which advances the condition of American 
 labor. While frequently mentioned for public office, he has usually 
 strenuously avoided any such preferment. Only in 1893 he allowed 
 himself to be named as the Republican candidate for the mayor- 
 alty of Chicago. 
 
 Since 1856, with only temporary intermissions, he has main- 
 tained his permanent residence in Chicago. Of late years he has, 
 in a certain measure, withdrawn from the active life which he 
 so long followed. During this latter period he has traveled exten- 
 sively, and now almost always passes the winter season at his 
 temporary home in Pasadena, California.
 
 Biographical 173 
 
 JOHN H. BARKER 
 
 John H. Barker, the son of John and Cordelia E. Collamer 
 Barker, was born on February 4, 1844, at Michigan City, Indiana. 
 He received his early education in the common schools of his native 
 town, and subsequently attended Racine College, at Racine, Wis- 
 consin. When nineteen years of age he removed to Chicago, where 
 for two years he was employed as clerk in a wholesale grocery 
 house. Then going to Springfield, Illinois, he there engaged in 
 the same business on his own account. In that city he remained 
 three years, at the expiration of which time he once more returned 
 to Chicago. After two years passed here in the grocery trade, 
 he again went back to the place of his birth, where he became 
 connected with the Haskell & Barker Car Co., of which he was 
 eventually elected president, the position still held by him. Mr. Bar- 
 ker has had an extensive connection with the world of finance. In 
 1887 he was chosen director of the Union National Bank of Chicago, 
 and upon its consolidation, in 1900, with the First National Bank, 
 was elected to the board of the latter institution. He is also 
 a director of the First National Bank of Duluth, Minnesota, and is 
 largely associated with banking interests at St. Paul, Minnesota. 
 
 From 1880 to 1882 Mr. Barker served as mayor of Michigan 
 City, Indiana. 
 
 ADOLPHUS C. BARTLETT 
 
 Adolphus C. Bartlett, son of Aaron and Delia Dibell Bartlett, 
 was born at Stratford, New York, on June 22, 1844. He received 
 his education at the village schools, the Dansville Academy, and 
 the Clinton Liberal Institute at Clinton, New York. At nineteen 
 years of age he came to Chicago, and was almost immediately 
 employed by Tuttle, Hibbard & Co., at a later date succeeded by 
 Hibbard, Spencer & Co., in the hardware trade. Gradually he 
 became interested in the business, and within six years was 
 admitted to the firm as a general partner. Upon the organization 
 of the present corporation of Hibbard, Spencer, Bartlett & Co., 
 he was elected secretary, and subsequently vice-president. While 
 liis chief energy has been devoted to the upbuilding of this house, 
 he has also been largely identified with other financial and busi- 
 ness enterprises in Chicago. From 1891 to the close of its career, 
 he was a member of the Board of Directors of the Metropolitan 
 National Bank. He is likewise a director of The Northern Trust 
 Company and The Liverpool, London & Globe Insurance Com- 
 pany. He was a director, before the sale to the present owners of
 
 174 The First National Bank of Chicago 
 
 the Chicago & Alton Railroad Company, and since the merger of 
 the INletropoHtan National Bank in the First National Bank has 
 been a member of the board of the latter institution. 
 
 Mr. Bartlett is a well-known club member, has served as 
 president of the Commercial Club, as director of the Relief and 
 Aid Society, as trustee of Beloit College, as president of the 
 Home for the Friendless, as trustee of the University of Chicago, 
 as director in the Chicago Orphan Asylum and the Old Peoples' 
 Home, the Art Institute and the Athzeneum. The only public 
 office which he has ever held is that of member of the Board of 
 Education. 
 
 AUGUST BLUM 
 
 August Blum was born and educated in Germany. After an 
 apprenticeship in the office of a mercantile house he came to the 
 United States in 1867 and obtained employment in the banking 
 establishment of Henry Greenebaum & Company at Chicago. 
 Soon promoted to be the head of the firm's foreign department, 
 he remained in this position until 1877, when the house went out 
 of business. Thereupon he accepted a confidential post with 
 Limburger & Thalmann (afterwards Ladenburg, Thalmann & 
 Co.) private bankers in New York City, with whom he continued 
 two years. Returning then for personal reasons to Chicago, he 
 accepted the management of the foreign department of the Inter- 
 national Bank of this city. In August, 1881, Mr. Blum was called 
 to organize a similar department at the Union National Bank. As 
 its manager he served until the beginning of 1890, when he was 
 assigned to an executive position, meanwhile in January, 1888, 
 having been appointed assistant cashier. Elected cashier in 1892, 
 he filled that post until the consolidation with the First National 
 Bank, in September, 1900, whereupon he was chosen an assistant 
 cashier in the latter institution. 
 
 EMILE K. BOISOT 
 
 Emile K. Boisot was born on February 26, 1859, at Dubuque, Iowa, 
 and was educated in the grammar and high schools of that city. 
 In 1875 he obtained employment with the German Bank at Dubuque, 
 where he remained for three years. Coming to Chicago in 1878, he 
 immediately entered the bond department of the First National 
 Bank. Here he has been continuously engaged since that date. 
 After serving in different capacities he was finally, on January i, 
 1897, promoted to be manager of the foreign exchange and bond 
 department. In 1901, upon the separation of these lines into two 
 distinct branches, he retained charge of the latter division.
 
 Biographical 175 
 
 GEORGE D. BOULTON 
 
 George D. Boulton was born at Cobourg, Canada, on June 13, 
 1844. His education was received at Upper Canada College in 
 the city of Toronto. 
 
 In i860, attracted by the apparently brilliant opportunities of 
 South America, he went thither, but his anticipations of amassing 
 wealth not being realized, he returned after a brief interval to his 
 native place. Here he temporarily obtained employment as a 
 book-keeper in a large mercantile establishment. 
 
 In the fall of 1863, ^^ the age of nineteen years, he came to 
 Chicago, and soon thereafter formed a connection with the First 
 National Bank. Except for two years (1865-1866), his term of 
 service with this institution has been continuous. Commencing as 
 a book-keeper, he was advanced step by step, until in 1869 the 
 Foreign Exchange Department was organized under his direction 
 as manager. Later, in 1870, the bond department was also devel- 
 oped, and placed under his charge. He held the position of 
 manager of the foreign exchange and bond department until igoo, 
 when he was promoted to be vice-president of the bank. Since 
 1897 he has also served as a member of the board of directors. 
 
 FRANK E. BROWN 
 
 Frank E. Brown was born at Peru, Indiana, in 1850, At the 
 age of seven years he came with his parents to Chicago, where 
 his education was received in the public schools. When eighteen 
 years old he entered the employ of Smith Brothers, wholesale 
 grocers; later became chief clerk of construction for the Rock- 
 ford, Rock Island and St. Louis Railway, and subsequently was 
 in charge of one of the grain elevators in Chicago. In 1875 he 
 entered the service of the Third National Bank as a book-keeper, 
 and upon its failure, in 1877, was employed by the First National 
 Bank. In this institution he has served as book-keeper, assistant 
 chief clerk, and chief clerk, being finally promoted, in 1900, to be 
 assistant cashier.
 
 176 The First National Bank of Chicago 
 
 WILLIAM L. BROWN 
 
 William L. Brown was born at St. Joseph, Michigan, on 
 August 23, 1842. In 1848, together with his parents, he removed 
 to Chicago, where his education was received at public and private 
 schools. For many years his father was engaged in the grain and 
 forwarding business, and was one of the earliest members of the 
 Chicago Board of Trade. He himself commenced his business 
 career in 1859 as a clerk for a Board of Trade commission house. 
 In 1862 he enlisted as a member of the Chicago Mercantile Bat- 
 tery of Light Artillery, serving with it until the close of the war. 
 Upon returning to this city he engaged in the pig iron business, in 
 which he has since then taken an active part. The firm of Pick- 
 ands, Brown & Co., of which he is a member, is one of the oldest 
 and best known in the country. 
 
 He became interested in 1890 in ship-building, and together 
 with others organized the Chicago Ship-building Company. In 
 1899 a large number of the lake shipyards were consolidated under 
 the name of the American Ship-building Company, and Mr. Brown 
 was elected president of the new corporation, a position which he 
 still holds. He is also president of the South Chicago Furnace 
 Company, manufacturers of pig iron, and a director in the Illinois 
 Steel Company. Mr. Brown has devoted much of his time and 
 energy to the promotion of the interests of the iron, steel, and 
 marine industries of the Great Lakes district, in which pursuits 
 he is still actively engaged. 
 
 He was chosen a director of the Union National Bank in 1900, 
 and upon its consolidation with the First National Bank, was 
 elected to the board of the latter institution. 
 
 D. MARK CUMMINGS 
 
 D. Mark Cummings, son of Columbus R. Cummings and Sarah 
 M. Cummings, was born at Pekin, Illinois. He obtained his early 
 education in his native town, subsequently attended Racine Col- 
 lege, Racine, Wisconsin, and Phillip's Academy, Andover, Massa- 
 chusetts, and graduated from Yale College with the class of 1887. 
 Upon the termination of his school life, he returned to Chicago, 
 where he at once engaged in business as a banker and broker, 
 first in connection with F. H. Watriss and J. B. Breese, under the 
 firm name of Watriss, Breese & Cummings, and subsequently with 
 J. B. Breese as Breese & Cummings. Mr. Cummings, upon the 
 death of his father, on July 12, 1897, succeeded him in the man- 
 agement of many of his large financial enterprises. In the same
 
 Biographical 177 
 
 year he was elected a director of the Union National Bank of Chi- 
 cago, serving in that capacity until its consolidation with the First 
 National Bank, at which time he was chosen a member of the lat- 
 ter's board. He is also vice-president of the South Chicago City 
 Railway, and vice-president of the Hammond, Whiting and East 
 Chicago Railway. 
 
 EDWARD DICKINSON 
 
 Edward Dickinson, son of Charles and Eliza E. Dickinson, 
 was born in Chicago on November 2, 1863. When he was two 
 years of age his parents removed to Milwaukee, and with them he 
 remained until 1873. Then, only ten years old, he returned to 
 Chicago, and in the public schools of this city completed his 
 education. In 1878 he obtained employment as a messenger with 
 the banking firm of Preston, Kean & Co., was gradually promoted, 
 and in 1884, when the Metropolitan National Bank was organized 
 as the successor of the earlier house, he remained with it in the 
 capacity of paying teller. In 1892 he was appointed second 
 assistant cashier, and in 1894 advanced to be assistant cashier, 
 which position he held until the absorption of the institution by 
 the First National Bank, in which he was then chosen an assistant 
 cashier. In 1899 Mr. Dickinson assisted in the organization of the 
 La Grange State Bank, at La Grange, Illinois, and was elected its 
 president. He likewise served, in 1901, as treasurer of the Board 
 of Lincoln Park Commissioners. 
 
 DAVID R. FORGAN 
 
 David R. Forgan, the son of Robert and Elizabeth Forgan, 
 was born at St. Andrews, Scotland, on April 16, 1862, He received 
 a common-school education in his native town. At the age of 
 fifteen years he entered the service of the St. Andrews Branch of 
 the Clydesdale Bank. He remained in its employ about three 
 years and a half, when migrating to Canada, in 1880, he joined his 
 fortunes with the Bank of Nova Scotia. With this institution he 
 was connected during a period of ten years, the last five of which 
 he served as agent of its branch at Fredciicton, New Brunswick. 
 Believing that there was a larger field of activity in the western 
 states, he removed to Minnesota in 1890, and soon thereafter be- 
 came assistant cashier of the American Exchange Bank of Du- 
 luth. In that position he continued until, in 1892, he was called to 
 succeed his brother, James B. Forgan, as cashier of the North- 
 western National Bank of Minneapolis. Four years later he was
 
 178 The First National Bank of Chicago 
 
 chosen to be vice-president of the Union National Bank of this 
 city, which post, including the practical management, he assumed 
 on January i, 1896. At the end of two years he was promoted to 
 be president of that bank, filling this position until the date of its 
 consolidation with the First National Bank, in September, 1900. 
 Upon this occasion he was elected a director and senior vice- 
 president of the latter institution. 
 
 JAMES B. FORGAN 
 
 James Berwick Forgan, son of Robert and Elizabeth Forgan, 
 was born April 11, 1852, at St. Andrews, Scotland; and educated 
 at Madras College, St. Andrews, and Forres Academy, Forres. 
 At the age of seventeen, after having spent a short time in a law- 
 yer's ofifice, he entered the employ of the Royal Bank of Scotland 
 at its St. Andrews branch. After three years' "apprenticeship" 
 in the Royal Bank, he secured a position with the Bank of British 
 North America in London and was sent by that institution to 
 Montreal, Canada; after filling various clerical positions in its 
 Montreal, New York, and Halifax offices, he joined the service of 
 the Bank of Nova Scotia as paying teller, at the last-named city. 
 Later he became agent of the bank at Liverpool, Nova Scotia, and 
 again at Woodstock, New Brunswick, and subsequently was pro- 
 moted to the position of inspector of branches. In 1885 he estab- 
 lished and took charge of a branch of that bank in Minneapolis, 
 Minnesota. Three years later, on the invitation of the directors of 
 the Northwestern National Bank of Minneapolis, he accepted the 
 cashiership of that institution. Four years subsequently (1892) at 
 the request of Mr. Gage he was elected vice-president of the 
 First National Bank of Chicago, and three years ago he succeeded 
 to the presidency. 
 
 JOHN E. GARDIN 
 
 John E. Gardin was born at Charleston, South Carolina, on 
 February 8, 1853. At an early age he went to Germany and there 
 received his education. His first business experience was gained 
 in the banking house of Pflaum & Company, now known as the 
 Wiirtembergische Bankanstalt at Stuttgart. Soon after return- 
 ing to this country he came to Chicago, and in November, 1881, 
 entered the service of the First National Bank. There he has 
 filled various positions, chiefly in its foreign exchange and bond 
 department, of which he became, in 1897, assistant manager. Upon 
 the separation of these two lines of business, in 1901, he was ap- 
 pointed manager of the foreign exchange department.
 
 Biographical 179 
 
 CHARLES N. GILLETT 
 
 Charles N. Gillett was born at Albany, New York, on August 
 4, i860. While quite a lad he came West with his parents, who 
 settled in Chicago. He attended the common schools of Hyde 
 Park for several years, and then was employed in a wholesale 
 paper house. When this establishment, in 1881, retired from busi- 
 ness, he secured a position as messenger in the First National 
 Bank. Gradually, by various promotions, he became first paying 
 teller, a position which he held for five years, and subsequently 
 chief clerk, in which capacity he served a similar length of time. 
 In January, 1900, Mr. Gillett was elected an assistant cashier. 
 
 HOWARD H. HITCHCOCK 
 
 Howard H. Hitchcock, son of Charles I. and Mary E. Hitch- 
 cock, was born at La Centre, Illinois, on December 10, 1858. He 
 was educated at the public schools of Amboy in the same state 
 and those of Chicago. To this last named city he came in 1873, 
 was employed by Preston, Kean & Co. on January 18, 1875, and 
 continued in the service of the Metropolitan National Bank when 
 that institution, in 1884, succeeded to the business of the former 
 firm. In 1887 he was appointed assistant cashier, and in 1894 
 promoted to be cashier, retaining that position until the consoli- 
 dation with the First National Bank was effected. At this time 
 Mr. Hitchcock was chosen one of the vice-presidents of the latter 
 institution. 
 
 HOLMES HOGE 
 
 Holmes Hoge was born on March 2, 1842, in Alleghany City, 
 Pennsylvania. With his parents he removed to Chicago in 1848, 
 residing either in this city or Evanston since that date. In 1857 he 
 left school and started for himself in life. His first employment was 
 as messenger boy with the Western Union Telegraph Company. 
 A year later, however, he resumed his studies, entered the high 
 school, and graduated with the class of 1861. In August, 1862, he 
 enlisted as a private in the Chicago Mercantile Battery, in which 
 organization he served until the following spring. He was then 
 commissioned captain and assistant quartermaster. His field of 
 service included a portion of the Department of Tennessee; he 
 was present at the siege and capitulation of Vicksburg, and being 
 subsequently ordered to the Department of the Gulf, remained
 
 i8o The First National Bank of Chicago 
 
 there until mustered out at the close of the war. In 1866, having 
 returned to Chicago, he obtained a clerical position in the Third 
 National Bank. Resigning this employment in the spring of 1872, 
 he engaged in the real estate business; but the panic of 1873 soon 
 following, he decided to revert to banking. In the autumn of that 
 year he obtained a position in the First National Bank, with which 
 he has since been connected. For many years he filled the posi- 
 tion of discount clerk, and in 1891 was elected assistant cashier. 
 
 ELBRIDGE G. KEITH 
 
 Elbridge G. Keith, son of Martin and Betsy Keith, was bom 
 at Barre, Vermont, on July 16, 1840. He received his education 
 at Barre Academy and Newbury Seminary. When seventeen 
 years of age he removed to Chicago, and in 1858 entered the 
 employ of Keith, Faxon & Co. Seven years later he became a 
 member of the firm of Keith Brothers in the wholesale hat, cap, 
 and millinery trade, and subsequently, in 1883, the senior partner 
 of Keith, Benham & Dezendorf. 
 
 In 1884, upon the organization of the Metropolitan National 
 Bank, in the promotion of which he had been exceedinglyactive, 
 Mr. Keith was elected to its presidency, and served in this 
 capacity during the entire period of its existence. In 1875 he was 
 president of the Young Men's Christian Association; in 1883, 
 president of the Union League Club; in 1889-90, president of the 
 Chicago Clearing House; in 1891, president of the Chicago 
 Bankers' Club; in 1892, president of the Chicago Commercial 
 Club, and has been a member of the Chicago Clearing House 
 Committee from 1894 until the present date. Upon the consoli- 
 dation of the Metropolitan National Bank with the First National 
 Bank, he was elected to the directorate of the latter institution, 
 and at the same time accepted the presidency of the Chicago 
 Title & Trust Company. 
 
 Mr. Keith has held only one office of public trust. He was a 
 member of the Board of Education for several years, and vice- 
 president of that body from 1879 to 1884. 
 
 MAX MAY 
 
 Max May was born at Darmstadt, Germany, on July 3, 1861. 
 After a preliminary training of five years in various banking 
 houses in his native country, he came to America, in 1884, and 
 thereupon entered the employ of the Union National Bank as 
 foreign correspondent. In 1892 he was selected to be chief of the
 
 Biographical i8i 
 
 foreign department in the Atlas National Bank, where he contin- 
 ued until 1896. At that date he returned to the Union National 
 Bank as manager of the same department. Upon the consolida- 
 tion of that institution with the First National Bank, in September, 
 1900, he was appointed assistant manager of the foreign exchange 
 department of the latter. 
 
 NELSON MORRIS 
 
 Nelson Morris was born at Hechingen, Germany, on January 
 21, 1839. At the suggestion of an uncle who had already emi- 
 grated, he came to this country in 1852. Once on this side of the 
 ocean, he gradually wandered westward until he arrived in Chi- 
 cago. Reaching here in 1854, he obtained employment in the old 
 Sherman Stock Yards at the monthly salary of $5, room and 
 board. By the exercise of economy and thrift, he succeeded in 
 accumulating a small capital. As soon as conditions warranted, 
 about two years after his arrival in town, he began business on his 
 own account. While making this start for himself, he was still 
 partially employed by others, but declined an offer of $100 per 
 month for his entire time, preferring to be his own master. 
 
 At the outbreak of the Civil War, Mr. Morris was in comfort- 
 able circumstances. He already commanded considerable capital, 
 and had begun to slaughter cattle — thus participating in the founda- 
 tion of the great packing industry at Chicago. About this time he 
 entered into two contracts with the government to supply 20,000 
 head of cattle for army use. During the next few years his busi- 
 ness flourished. In 1873 the volume of annual transactions aggre- 
 gated $11,000,000. In 1874 he formed a partnership with Isaac 
 vVaixel, under the name of Morris & Waixel, but eventually the 
 firm became known as Nelson Morris & Co. Their plant, which 
 was among the first packing houses opened and operated at the 
 Union Stock Yards, has so grown, with the extension of the 
 domestic and foreign trade, that it now consists of about forty 
 buildings, covering thirty acres of land, with a daily killing 
 capacity of 5,000 cattle, 10,000 hogs, 10,000 sheep, and 1,000 calves. 
 They likewise own and operate two very large concerns, one at 
 East St. Louis and the other at South St. Joseph, Missouri. These 
 establishments transact more than §75,000,000 of business yearly — 
 a result attained only by virtue of the highest organization, the 
 shrewdest insight, and the keenest knowledge of markets. The 
 house owns about 2,000 refrigerator and freight cars, and has 
 established two hundred large branches in the principal cities of 
 the United States and Europe. 
 
 Nelson Morris is also among the largest cattle and ranch 
 owners in the country. One of his enterprises is an extensive
 
 1 82 The First National Bank of Chicago 
 
 system of ranches for the breeding of cattle. The Texas ranch 
 comprises nearly 300,000 acres, while another in Indiana contains 
 30,000 acres, and there is another in Nebraska almost as extensive. 
 
 As might naturally be expected, Mr. Morris has been associ- 
 ated in numerous other enterprises. He participated in the 
 organization of the Stock Yards banking system, and is a director 
 in several of the financial institutions doing business in that 
 district. In 1872 he was elected a director of the First National 
 Bank, on the board of which he has since then continuously 
 served. In this position the services he has rendered have been 
 distinguished by prudence, conservatism, and ability. To the 
 prosperity of the bank he has materially contributed. 
 
 Mr. Morris is thoroughly American in his views and instincts; 
 a man of kindly disposition, and generally respected as of a strong 
 and energetic nature. 
 
 SAMUEL M. NICKERSON 
 
 To the student of character the career of a pioneer in any 
 department of human activity is peculiarly an object of admir- 
 ation. Enterprise and energy are the distinguishing traits of the 
 leaders of men. Chicago, by reason of its rapid growth, has been 
 the field during the past sixty years for the development of a host 
 of these master minds, who have dreamed not in vain, but under 
 the inspiration of their genius achieving phenomenal success, 
 have vanquished every obstacle, and won the laurel wreath at 
 the hands of their grateful contemporaries. Of this group the 
 veteran bankers, by virtue of their high personality, and the ines- 
 timable value of their services, occupy the first ranks; and among 
 them the subject of the present sketch is at the forefront. 
 
 On June 14, 1830, there was born to Ensign Nickerson and 
 his wife, Rebecca Mayo Nickerson, then residing at Chatham, 
 Massachusetts, a son, who in due course received the baptismal 
 name of Samuel Mayo. Poor in worldly goods, and not blessed 
 with a high degree of education, as measured by the standard 
 of the schools, this humble couple nevertheless appreciated the 
 value of sound intellectual training, and determined to afford their 
 children, so far as possible, the advantages which they themselves 
 had not in their youth been able to enjoy. With these motives the 
 family removed, in 1837, to Boston. The boy, Samuel, thenceforth 
 diligently applying himself for several years to the pursuit of knowl- 
 edge, attended first the public schools of the city, and subsequently 
 the academy at New Hampton, New Hampshire. This period 
 of life was interspersed with brief intervals of vacation and labor 
 on the old farm. 
 
 Upon the conclusion of his school days, in 1847, Samuel, chiefly
 
 Biographical 183 
 
 dependent upon his own industry, and eager to face the vicissitudes 
 of maturer years, was attracted by the apparent advantages offered 
 to young men in the South. Incidentally his elder brother, it should 
 be stated, had already settled at Appalachicola, Florida, where he 
 owned a general store. An offer of employment in this establish- 
 ment being accepted as a temporary expedient, Samuel, high in 
 hopes and full of projects, sailed on a sea-going packet ultimately 
 bound for the distant land of his dreams. In due season he arrived ; 
 entering at once upon his new duties, he labored arduously for three 
 years. Then ambitious to make more rapid progress, he succeeded 
 in starting a similar venture on his own account. Some northern 
 friends, having become interested, advanced him the requisite 
 amount of capital, which he judged necessary to supplement 
 his own hard-earned savings. For some years he struggled with 
 varying fortune, now hopeful, again discouraged, and sometimes 
 uncertain of the results which he might achieve, until at length 
 in one fatal hour his entire stock was destroyed by fire. Apparently 
 ruined, but still full of pluck and unshaken in his aspirations, 
 his principal thought was to sustain his good reputation. There 
 was then some outstanding indebtedness against him; these 
 claims being at once compromised, he was technically relieved 
 of all obligations; but to him this solution was not by any means 
 satisfactory; for within a few years, when prosperity was again 
 smiling upon him, he paid every one of his former creditors what- 
 ever balance still remained due them, as he conceived it, to make 
 one hundred cents on the dollar. 
 
 The next step taken by Samuel M. Nickerson was the turning- 
 point in his life. In 1858 he removed to Chicago. Again borrow- 
 ing the necessary funds on the security of his good name from 
 some persons who yet had faith in his ability, he began anew for 
 himself in this busy center of the West. This time he engaged 
 in distilling high wines and alcohol; speedily reaping the rewards 
 of his labors, he was soon able to lend an ear to other business pro- 
 jects. When, in 1862-1863, the feasibility of establishing a national 
 bank was the topic of discussion among the members of a little 
 coterie of Chicago capitalists, Mr. Nickerson was an ardent advo- 
 cate of the project. He subscribed liberally to the stock of the 
 First National Bank, assisted materially in its organization, and 
 was elected one of the first board of directors. Almost imme- 
 diately he was chosen vice-president of the institution, and in 
 1867, upon the death of President Aiken, was selected as his suc- 
 cessor. For twenty-four years he continuously served in this 
 capacity; resigning in 1891, as he thought finally, he was allowed 
 to enjoy only a few years of respite; for in 1897 he was again 
 called to take the helm; but three years later once more suc- 
 ceeded in retiring from his post. 
 
 In 1864 Mr. Nickerson abandoned the distilling business, and
 
 184 The First National Bank of Chicago 
 
 in the same year was chosen president of the Chicago City Horse 
 Railroad Company, in which position he displayed during his term 
 of seven years distinguished executive ability. In 1867 he was 
 the chief force in the organization of the Union Stock Yards 
 National Bank (now the National Live Stock Bank), was its presi- 
 dent for six years, and long afterwards a director. He has also 
 been deeply interested in many other important commercial, rail- 
 way, and financial enterprises. 
 
 The management and direction of the affairs of the First 
 National Bank, however, gradually absorbed the entire attention 
 of Mr. Nickerson; as this institution rapidly developed under 
 the inspiration of himself and his associates it exacted more 
 and more devotion on their part. For many years he was the 
 central figure in its guidance; to it he zealously gave the best 
 portion of his life, undisturbed by anything which did not con- 
 tribute to its advancement, or was not incidental to its welfare. 
 During his incumbency of the presidency the institution passed 
 through many crises, not only in its own history, but in that of the 
 community with which it had become so closely identified. Thrice 
 Mr. Nickerson advised in the erection of a banking structure: 
 first when the old building at the southwest corner of State and 
 Washington streets was erected, again upon its restoration after 
 the great fire, and finally when the edifice at present occupied was 
 being planned and completed. 
 
 Mr. Nickerson's personality, as viewed in the days of his 
 greatest activity, was most estimable. Democratic in his habits, 
 genial in disposition, and attentive to every reasonable request, he 
 won the admiration of all those who had occasion to know him. 
 Courteous in every emergency, and gracious under the most unex- 
 pected contingencies, he neither sought renown nor evaded his 
 just obligations. His home life has been ideal. Fortunate in the 
 science of amassing wealth, he has regarded money more as 
 a means than an end. In December, 1858, Mr. Nickerson 
 married Mathilda, daughter of Isaac Crosby, of Brewster, Massa- 
 chusetts. In his wife he found not only a helpmate but likewise 
 an associate in the enjoyment of those pastimes to which he is 
 devoted. Mrs. Nickerson is well known for her accomplishments 
 and personal charms. Their original home fell a prey to the 
 flames in 1871; but ten years later a beautiful house was built 
 at the corner of Cass and Erie streets. Art has had two devotees 
 in Mr. and Mrs. Nickerson. During their long residence in 
 Chicago their private gallery of paintings was renowned as 
 containing an exceedingly fine and valuable collection. Taste and 
 wealth combined to render their selection of pictures in many 
 respects unique; the best masters were here represented. For 
 several years Mr. Nickerson also acted as director of the Art 
 Institute, to which he gladly devoted many hours of service and a
 
 Biographical 
 
 'S 
 
 liberal amount of funds. Finally, upon his departure from this city, 
 he donated to it his splendid collection of paintings, engravings, 
 Chinese and Japanese porcelain, jades and lacquers, ivory carv- 
 ings, arms, and many other objects of art. 
 
 In 1900 Mr. and Mrs. Nickerson removed to New York, where 
 their one child, Roland C. Nickerson, also resides. Since this 
 change of residence Mr. Nickerson has not been engaged in active 
 business. He spends about six months of the year in the metrop- 
 olis, and the remainder of the time at East Brewster on Cape Cod. 
 
 ORVILLE PECKHAM 
 
 Orville Peckham was born on October 30, 1846, at Newport, 
 Rhode Island; graduated from Brown's University in 1867; was 
 admitted to the bar of Rhode Island in i86g, and subsequently to 
 that of Illinois upon his removal to this state. From the autumn 
 of i86g until the spring of 1872 he engaged in his profession at 
 Providence, Rhode Island; then in company with Edward O. 
 Brown, he came to Chicago, a partnership for the practice of law 
 being immediately formed, which still exists under the firm name 
 of Peckham, Brown & Packard. Without severing this connec- 
 tion, Mr. Peckham was chosen special attorney of the First National 
 Bank, on January 16, 1879, and since that date his time and energy 
 have practically been exclusively devoted to the affairs of that 
 institution. From 1888 to i8go, and again in 1891-1892 he likewise 
 served as a member of the board of directors. 
 
 EUGENE S. PIKE 
 
 Eugene S. Pike, son of Daniel Harmon and Jerusha Hartwell 
 Pike, was born at Perry, Lake County, Ohio, on October 5, 1835. 
 His lineage is originally English, his ancestors on both sides hav- 
 ing arrived in New England about 1635. The lad lost his father 
 at an early age, and was soon compelled to earn his own support. 
 When he was only eleven, his mother also was called to the better 
 world. The orphaned boy then divided his time between work 
 on the farm in summer and interrupted courses at the district 
 school in winter. His one dominant ambition was to secure a 
 college education. After much arduous labor in obtaining the 
 preliminary preparation, and two years spent at Kirtland and 
 Hiram seminaries, he was admitted as a student at Antioch Col- 
 lege, where he remained two years. 
 
 His first business venture was in dealing in fruit-trees, and
 
 1 86 The First National Bank of Chicago 
 
 afterwards in importing nursery stock from France. In 1861 he 
 embarked in the banking and brokerage business at Painesville, 
 Ohio, where he attained considerable success and accumulated 
 some means. Six years later he came to Chicago. Perceiving 
 at once the great future of real estate, he invested his means in 
 ground situated in the business district of the south division, and 
 little by little built houses and blocks upon this property. By so 
 doing he not only augmented his own wealth, but contributed 
 decidedly to the improvement and development of the city. In 
 this sense he is to be reckoned as one of its public benefactors. 
 
 While Mr. Pike has turned his chief attention to the real 
 estate market, he has not by any means been inactive in other 
 directions. From time to time he has been interested in horticul- 
 ture. The chief distinction which he has won has been in the 
 financial world. In 1885 he was elected to the directory of the 
 First National Bank, on which he has since then uninterruptedly 
 served. He is also trustee of the Northwestern Mutual Life In- 
 surance Company. During the World's Fair he was one of the 
 directors of the Columbian Exposition Company, and likewise a 
 member of the Committee of Organization, in which position he 
 rendered most efificient service. When the Manchester Fire As- 
 surance Company of England was, in 1891, establishing a branch 
 in the United States, it selected him as one of its three trustees in 
 this country. 
 
 NORMAN B. REAM 
 
 Norman B. Ream, son of Levi and Highley King Ream, was 
 born on a farm in Somerset County, Pennsylvania, on November 
 5, 1844. Originally his paternal ancestors had migrated from Ger- 
 many, and his maternal ancestors were Scotch and English. The 
 lad enjoyed only the advantages of a district school, supplemented 
 by a course in a normal institute. At the age of fourteen he him- 
 self was already a teacher at the salary of seventeen dollars per 
 month ; during the summer season he worked on a farm. A little 
 later he embarked in business as a photographer, which pursuit 
 he followed until seventeen years of age. 
 
 The Civil War then breaking out, young Ream went out as a 
 private, in the fall of 1861, in Company H,85th Pennsylvania Vol- 
 unteer Infantry. With his regiment he took part in McClellan's 
 campaign of 1862 ; for distinguished action in battle was commis- 
 sioned second lieutenant ; soon afterwards won promotion to a 
 first lieutenancy, and was upon two different occasions severely 
 wounded, being finally incapacitated from further service. 
 
 He then returned to Pennsylvania for a brief time, entered a 
 commercial college at Pittsburg, and soon was employed as clerk
 
 Biographical 187 
 
 in a general store at Harnedsville. In September, 1866, the op- 
 portunities of the West having attracted his attention, he moved 
 to Princeton, Illinois, where he served as clerk in a dry goods 
 house, which he afterwards purchased. Subsequently he settled 
 in Osceola, Iowa, where he engaged in the grain and agricultural 
 implement trade. 
 
 In 1871, just before the great fire, Mr. Ream removed 
 to Chicago, and forming an association with Samuel Coffman, 
 under the name of Coffman & Ream, started in the live stock 
 commission business. In this venture prosperity smiled upon 
 him, and money was accumulated. In 1875 he joined the Chicago 
 Board of Trade. In the last-mentioned year his firm became 
 known as George C. Ball & Company ; two years later it was re- 
 organized as Norman B. Ream & Company. Until 1884 Mr. Ream 
 devoted his time and attention to its affairs. He about this time 
 became a member of the New York Stock Exchange, and at that 
 date withdrew from active participation in the gram commission 
 business; although he retained a special partnership interest in 
 the new firm of W. R. Clark & Company, then formed, until 1889, 
 when he finally retired from the grain business. For a time he 
 was vice-president of the Call Board. 
 
 Aside from his principal occupation, Mr. Ream has ever had 
 other important interests. In i8go he was chosen a member of 
 the board of directors of the First National Bank, in which capa- 
 city he has since then continuously served. He has been an 
 active participant in many of the large building operations in 
 Chicago, among which is the Rookery ; he has been a director of 
 the Illinois Central Railway, and likewise in more recent years 
 has been identified with the reorganization of the Baltimore & 
 Ohio Railroad, in which property he is now interested; he is also 
 a member of the board and prominent in the operations of the 
 Erie Railroad, besides having an important part in many other 
 enterprises. 
 
 GEORGE T. SMITH 
 
 George T. Smith, son of Thomas P. and Dorothy Ingalls 
 Smith, was born at Providence, Rhode Island, on May 10, 1849. 
 Together with his parents he removed, in 1857, to Lockport, Illinois, 
 and subsequently, in 1865, to Chicago. His early education was 
 received in the public schools of Lockport, and afterward at East- 
 man's Business College in Poughkeepsie, New York. As soon as 
 his course of instruction had been completed he secured a posi- 
 tion as book-keeper and general clerk with Spruance, Preston & 
 Company, with whom he remained eight years. When twenty-four 
 years of age he engaged in the brokerage business, and two years
 
 1 88 The First National Bank of Chicago 
 
 later formed a partnership with Henry G. Gaylord under the firm 
 name of Smith & Gaylord. This connection lasted only two years, 
 since which time Mr. Smith has not had any associate. On the 
 Board of Trade he has always been active; in 1878-1879 he 
 served as a member of the arbitration committee; in 1880-1881 
 was on the committee of appeals; in 1884 was elected second 
 vice-president, and in 1885 first vice-president. At the next elec- 
 tion and five years later he might have been chosen president of 
 the board, but because of his varied interests and his frequent 
 absence from the city, he declined this distinction. 
 
 Mr. Smith is connected with numerous important enterprises. 
 He is a director of the City Railway Company of Chicago, the 
 Diamond Match Company, the Equitable Trust Company and 
 several other corporations. In 1899 he was elected to the direc- 
 torate of the First National Bank. 
 
 RICHARD J. STREET 
 
 Richard J. Street was born at Hamilton, Canada, on November 
 13, 1846. At the age of fifteen years he left school and began 
 active life in the employ of an insurance ofifice; within a short 
 time he was made book-keeper, which position he occupied three 
 years. The evident advantages of Chicago attracted his attention 
 after the close of the Civil War, and he came hither, arriving in 
 the city on October 16, 1865. The following day he secured a 
 place in the First National Bank as a messenger. Since that time 
 he has been steadily promoted. In 1871 he was appointed chief 
 clerk, in 1882 assistant cashier, and finally, on June 30, 1891, 
 cashier. 
 
 WILLIAM J. WATSON 
 
 William J. Watson, son of James V. and Elizabeth M. Watson, 
 was born at Philadelphia, Pennsylvania, on March 26, 1843. In 
 that city he resided until December 3, 1863. Having graduated 
 in June of that year from the Philadelphia Central High School, 
 he removed first to Battle Creek, Michigan, and subsequently, in 
 the spring of 1870, to St. Louis, Missouri. Here he served as the 
 Western representative of the Middleton Car Spring Company of 
 Philadelphia, and still remaining in the same employ he came to 
 Chicago, on May i, 1873. In 1890 he was elected president of the 
 company. In 1884 he organized the Buda Foundry & Manu- 
 facturing Company; in 1886 the Hewitt Manufacturing Company; 
 and in 1887 the Fort Madison Iron Works Company, serving as 
 president of these different corporations until 1899-1900, the date 
 of his retirement from all active business except that of banking.
 
 Biographical 189 
 
 Mr, Watson was long identified with the Metropolitan National 
 Bank and the American Trust & Savings Bank. In the first 
 named institution he served as a director continuously, from 
 January i, 1885, and as vice-president from January i, 1895, until 
 the close of its career. Prior to the last-mentioned date he was 
 also a director in the American Trust & Savings Bank, of which 
 he was one of the incorporators. Upon the absorption of the 
 Metropolitan National Bank by the First National Bank he was 
 chosen a director in the latter institution. 
 
 FRANK O. WETMORE 
 
 Frank O. Wetmore was born at Kalamazoo, Michigan, on 
 November 12, 1867. Shortly thereafter his parents removed to 
 Adrian, Michigan, where he attended school until 1883. In the 
 spring of that year he began work in the hardware store of his 
 father. In 1886 he came to Chicago, secured employment in the 
 First National Bank, and worked in various capacities until 1891; 
 at that time he was appointed "general man," which position he 
 occupied till 1897. At this latter date he was elected auditor of 
 the institution. 
 
 JAMES D. WOLEY 
 
 James Decker Woley was born on February 10, 1859, at Ma- 
 quoketa, Iowa, and graduated from Hamilton College, Clinton, 
 New York, with the class of 1882. He came to Chicago soon after- 
 ward, and immediately entering the Union College of Law, finished 
 his course and was admitted to the bar in 1884. Within a short 
 time he was employed in the legal department of the First Na- 
 tional Bank, and subsequently was chosen its assistant attorney. 
 
 OTTO YOUNG 
 
 Otto Young was born at Elberfeld, Germany, on December 
 20, 1844. His parents were in good circumstances. The lad in 
 early years attended the common schools, and was looking for- 
 ward to a university education when, in 1858, his father died. This 
 event turned the course of his career. Having already some rela- 
 tives in New York, he came at once to America. For the next 
 eighteen months he continued his schooling; then seeking some 
 employment he at first obtained a clerkship in a store, at a weekly 
 salary of $3. After the Civil War he started on his own account in the
 
 190 The First National Bank of Chicago 
 
 fancy goods and jewelry trade; and in 1867 traveled throughout 
 the West for a New York house. On these trips he happened to 
 come to Chicago, and by a coincidence, was here during the days 
 of the great fire. Returning East to close up his affairs, he again 
 came to this city early in 1872, with the intention of making the 
 place his permanent home. He soon opened a wholesale jewelry 
 house at 149-151 State street, where it is still located. For some 
 years he devoted himself principally to the conduct of this busi- 
 ness. In 1886, when The Fair was incorporated, with a capital 
 stock of $200,000, Mr. Young purchased a half interest and assumed 
 the general management of the establishment. Two years later 
 its capital was fixed at $500,000, and again, in 1890, it was increased 
 to $1,000,000. In due course all the buildings originally occupied 
 were removed, and in their stead the present structure was erected. 
 The Fair is now one of the largest institutions of the kind in 
 the United States. 
 
 Mr. Young has devoted all his time and attention, unremit- 
 tingly and without stint, to the advancement of business interests. 
 He was a director in the Columbian Exposition Company, and the 
 chairman of its Committee on Ways and Means; in this capacity he 
 was chiefly instrumental in raising the first $5,000,000 for the 
 World's Fair, thus insuring its success at a critical juncture. In 
 1900 he was elected a director of the First National Bank, and has 
 likewise served for some time upon the directorate of the Chicago 
 City Railway Co.
 
 APPENDICES
 
 APPENDICES 
 
 LIST OF MEMBERS OF THE BOARD OF DIRECTORS 
 OF THE FIRST NATIOX.^L BANK OF CHICAGO 
 FROM ITS ESTABLISHMENT IN 1863 TO 1902 
 
 *tAiken, Edmund, 1 863-1 867. 
 
 Allen, Benjamin F., 1871-1874. 
 *tAllerton, Samuel W., 1863- 
 : [Barker, John H., 1900. 
 ::BartIett, Adolphus C, 1902- 
 :;Boulton, George D., 1897- 
 *'Bronson, Tracy J., 1863-1867. 
 fBrown, William L., 1900- 
 Carpenter, Augustus A., 1883- 
 
 1900. 
 Conover, Charles H., 1900- 
 1902. 
 tCrosby Isaac, 1876-1877. 
 fCrumbaugh, Frederick, 1869- 
 
 1872. 
 JCummings, D. Mark, 1900- 
 *Fargo, James C, 1863. 
 tForgan, David R., igoo- 
 jForgan, James B., 1892- 
 Gage, Lyman J., 1870-1897. 
 Gray, Franklin D., 1866-1899, 
 tHall, Elbridge G.. 1863-1870. 
 ♦JHoward, Samuel G. D., 1863- 
 
 1867. 
 *tHutchinson, Benjamin P., 
 
 1863- 1 867. 
 JKeith, Elbridge G., 1902- 
 
 fLawrence, Edward F., 1870- 
 
 1876, 1877-1898. 
 fLewis, Henry B., 1867-1869. 
 JMorris, Nelson, 1872- 
 Nickerson, Roland C, 1892- 
 1900. 
 *JNickerson, Samuel M., 1863- 
 Peckham, Orville, 1888-1890, 
 1891-1892. 
 JPike, Eugene S., 1885- 
 
 Porter, Henry H., 1868-1891. 
 JReam, Norman B., 1890- 
 *tRice, Byron, 1863-1868. 
 *tSherman, John B.. 1 863-1867. 
 tSinger, Horace M., 1879-1888. 
 ::Smith, George T., 1899- 
 ::Spoor, John A., 1900- 
 jSymonds, Henry R., 1882- 
 
 1892. 
 tTalcott, Mancel, 1867-1878. 
 fThompson, Daniel, 1869- 
 1871. 
 Walker, George C, 1867-1S69. 
 JWatson, William J., 1902- 
 fWebster, George, 1867- 1870. 
 fWilmarth, Henry M., 1874- 
 
 1885. 
 JYoung, Otto, 1900- 
 
 ♦Member of original board of directors. 
 tMember of present board. 
 TDeceased. 
 
 193
 
 194 The First National Bank of Chicago 
 
 LIST OF OFFICERS OF THE FIRST NATIONAL BANK 
 
 PRESIDENTS 
 
 Edmund Aiken, 1863-67. 
 Samuel M. Nickerson, 1867-1891. 
 Lyman J. Gage, 1891-1897. 
 Samuel M. Nickerson, 1897-1900. 
 James B, Forgan, 1900- 
 
 VICE-PRESIDENTS 
 
 James C. Fargo, 1863. 
 Samuel M. Nickerson, 1863-1867. 
 Franklin D. Gray, 1867-1882. 
 Lyman J. Gage, 1882-1891. 
 Henry R. Symonds, 1891-1892. 
 James B. Forgan, 1892-1900. 
 David R. Forgan, 1900- 
 George D. Boulton, 1900- 
 Howard H. Hitchcock, 1902- 
 
 SECOND VICE-PRESIDENTS 
 
 Henry M. Kingman, 1891. 
 James B. Forgan, 1892. 
 George D. Boulton, 1897-1900 
 
 CASHIERS 
 
 Edward E. Braisted, 1863-1866. 
 Cornelius R. Field, 1866-1868. 
 Lyman J. Gage, 1868-1882. 
 Henry R. Symonds, 1882-189I. 
 Richard J. Street, 1891- 
 
 assistant cashiers 
 
 Augustus W. Wheeler, 1864-1866. 
 Charles J. Schmidt, 1866-1868. 
 Henry R. Symonds, 1869-1882. 
 Henry M. Kingman, 1882-1891. 
 Holmes Hoge, 1891- 
 August Blum, 1900- 
 Edward Dickinson, 1902- 
 Frank E. Brown, 1900- 
 Charles N, Gillett, 1900-
 
 Appendices 195 
 
 SECOND ASSISTANT CASHIERS 
 
 Richard J. Street, 1882-1891. 
 Frank E. Brown, 1893-1900. 
 
 AUDITOR 
 
 Frank O. Wetmore, 1897- 
 
 MANAGERS, FOREIGN EXCHANGE AND BOND DEPARTMENT 
 
 George D. Boulton, 1891-1897. 
 Emile K. Boisot, 1897-1901. 
 
 ASSISTANT MANAGER 
 
 John E. Gardin, 1897-1901. 
 
 MANAGER FOREIGN EXCHANGE DEPARTMENT 
 
 John E. Gardin, 1901- 
 
 ASSISTANT MANAGER 
 
 Max May, 1901- 
 
 MANAGER BOND DEPARTMENT 
 
 Emile K. Boisot, 1901- 
 
 ATTORNEY 
 
 Orville Peckham, 1879- 
 
 ASSISTANT ATTORNEY 
 
 James D. Woley, 1900- 
 
 NOTE — In 1900 two vice-presidents and four assistant 
 cashiers were elected; in 1902, after the absorption of the Metro- 
 politan National Bank, an additional vice-president and one more 
 assistant cashier were chosen. 
 
 In 1901 the foreign exchange and bond business were sep- 
 arated into two distinct departments.
 
 196 The First National Bank of Chicago 
 
 STATEMENT SHOWING DIVIDENDS DECLARED BY 
 THE FIRST NATIONAL BANK OF CHICAGO FROM 
 ITS FOUNDATION TO DATE 
 
 May 
 
 May 
 
 Nov. 
 
 May 
 
 Jan. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 June 
 
 Dec. 
 
 Mar. 
 
 June 
 
 Sept, 
 
 Sept, 
 
 Dec. 
 
 DECLARED. 
 2, 1864 
 2, 1864 
 15, 1864 
 I, 1865 
 I, 1866 
 1866 
 1866 
 1867 
 1867 
 1868 
 1868 
 1869 
 1869 
 1870 
 1870 
 I87I 
 1 87 1 
 1872 
 1872 
 1873 
 1873 
 1874 
 31. 1874 
 
 30, 1875 
 1875 
 1876 
 1876 
 1877 
 1877 
 1878 
 1878 
 1879 
 
 31. 1879 
 31, 1880 
 30, 1880 
 
 10, 1880 
 
 30, 1880 
 
 31, 1880 
 
 30. 
 31. 
 30. 
 31. 
 30. 
 31. 
 30. 
 31. 
 30. 
 31. 
 30. 
 31. 
 30, 
 31. 
 30. 
 31. 
 30. 
 
 31. 
 30, 
 31. 
 30. 
 31. 
 30, 
 31. 
 30, 
 
 FOR WHAT RATE PER 
 
 TIME. 
 
 CENT. 
 
 Annual 
 
 16 
 
 Extraordinary 
 
 5* 
 
 Semi-Annual 
 
 10 
 
 Semi-Annual 
 
 10 
 
 Semi-Annual 
 
 10 
 
 Semi-Annual 
 
 10 
 
 Semi-Annual 
 
 10 
 
 Semi-Annual 
 
 5 
 
 Semi-Annual 
 
 5 
 
 Semi-Annual 
 
 5 
 
 Dividend passed 
 
 
 Dividend passed 
 
 
 Dividend passed 
 
 
 Dividend passed 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Dividend passed 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Annual 
 
 
 Semi-Anuual 
 
 
 Semi-Annual 
 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Extraordinary 
 
 20 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 * To Subscribers of first $300,000 of stock.
 
 Appendices 
 
 197 
 
 DATE DECLARED. 
 
 Mar. 31 
 June 30, 
 Sept. 30, 
 Dec. 31 
 Mar. 31, 
 April 25, 
 April 29, 
 April 29, 
 May 6, 
 June 30, 
 Sept. 30, 
 Dec. 31 
 Mar. 31. 
 June 30, 
 Sept. 30, 
 Dec. 31 
 Mar. 31 
 June 30, 
 Sept. 30, 
 Dec. 31 
 Mar, 31. 
 June 30, 
 Sept. 30 
 Dec. 31 
 Mar. 31 
 June 30, 
 Sept. 30, 
 Dec. 31 
 Mar. 31. 
 June 30, 
 Sept. 30 
 Dec. 31 
 Mar 
 June 30, 
 Sept. 30, 
 Dec. -- 
 Mar. 
 June 
 Sept. 
 Dec. 
 Mar. 
 June 
 Sept. 
 Dec. 
 
 31. 
 31. 
 30. 
 30, 
 31. 
 31. 
 30. 
 30, 
 
 31. 
 At 
 
 881 
 [881 
 882 
 882 
 882 
 
 \2 
 882 
 882 
 882 
 
 883 - 
 884 
 
 884 - 
 884 
 884 - 
 
 887 
 
 889 - - - - 
 
 -ig - - - - 
 )0 - - - ■ 
 p - 
 :890 - - - ■ 
 
 890 - - - - 
 
 rmination of business 
 
 FOR WHAT 
 
 RATE PER 
 
 TIME. 
 
 CENT. 
 
 - Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 - Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 - Quarterly 
 
 3 
 
 Special 
 
 100 
 
 - Special 
 
 100 
 
 Special 
 
 50 
 
 - Final 
 
 44.12* 
 
 Two months 
 
 2 
 
 - Quarterly 
 
 2 
 
 Quarterly 
 
 2 
 
 - Quarterly 
 
 2 
 
 Quarterly 
 
 2 
 
 - Quarterly 
 
 ^% 
 
 Quarterly 
 
 2Vz 
 
 - Quarterly 
 
 2'A 
 
 Quarterly 
 
 2K 
 
 - Quarterly 
 
 2>^ 
 
 Quarterly 
 
 ^Yz 
 
 - Quarterly 
 
 lYz 
 
 Quarterly 
 
 2^ 
 
 - Quarterly 
 
 1% 
 
 Quarterly 
 
 ^Yz 
 
 - Quarterly 
 
 2>^ 
 
 Quarterly 
 
 2>^ 
 
 - Quarterly 
 
 2>^ 
 
 Quarterly 
 
 iY. 
 
 - Quarterly 
 
 2Yz 
 
 Quarterly 
 
 2K 
 
 - Quarterly 
 
 2>^ 
 
 Quarterly 
 
 -i-Yz 
 
 - Quarterly 
 
 2Yz 
 
 Quarterly 
 
 ^Yz 
 
 - Quarterly 
 
 2>^ 
 
 Quarterly 
 
 ■2.Yz 
 
 - Quarterly 
 
 2>^ 
 
 Quarterly 
 
 1'A 
 
 - Quarterly 
 
 2>^ 
 
 Quarterly 
 
 3 
 
 - Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 - Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 under first charter. 

 
 198 The First National Bank of Chicago 
 
 Dec. 
 Mar. 
 
 ii 
 
 I - 
 I 
 ii - 
 
 i2 
 
 DATE DECLARED. 
 
 Mar. 31, I 
 June 30, I 
 Sept. 30, I 
 
 31. I 
 
 31. I 
 June 30, 1892 - 
 Sept. 30, 1892 
 Dec. 31, 1892 - 
 Mar. 31, 1893 
 June 30, 1893 - 
 Sept. 30, 1893 
 Dec. 31, 1893 - 
 Mar. 31, 1894 
 June 30, 1894 - 
 Sept. 30, 1894 
 Dec. 31, 1894 - 
 Mar. 31, 1895 
 June 30, 1895 - 
 Sept. 30, 1895 
 Dec. 31, 1895 - 
 Mar. 31, 1896 
 June 30, 1896 - 
 Sept. 30, 1896 
 Dec. 31, 1896 - 
 Mar. 31, 1897 
 June 30, 1897 - 
 Sept. 30, 1897 
 Dec. 31, 1897 - 
 Mar, 31, 1898 
 June 30, 1898 - 
 Sept. 30, 1898 
 Dec. 30, 1898 - 
 Mar. 30, 1899 
 June 30, 1899 - 
 Sept. 30, 1899 
 
 31, 1899 - 
 
 31, 1900 
 June 30, igoo - 
 Sept. 30, 1900 
 Dec. 31, 1900 - 
 Mar. 31, 1901 
 June 30, 1901 - 
 Sept. 30, 1901 
 Dec. 31, 1901 - 
 Mar. 31, 1902 
 
 Dec. 
 Mar. 
 
 FOR WHAT 
 TIME. 
 
 RATE PER 
 CENT. 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3 
 
 Quarterly 
 
 3
 
 Appendices 199 
 
 Statements of Condition at Different Periods 
 FROM 1863 ^^ 1902 
 
 STATEMENT OF CONDITION 
 September 30, 1863 
 
 ASSETS 
 
 Loans and discounts ------- $149,650.00 
 
 United States bonds 91,000.00 
 
 Cash resources: 
 
 Due from banks - - - - $109,773.73 
 Checks for clearing house - - 68,597.12 
 Cash on hand . - - - 60,828.13 239,198,98 
 
 $479,848.98 
 
 LIABILITIES 
 
 Capital stock $205,000.00 
 
 Undivided profits 1.75949 
 
 Deposits 273,089.49 
 
 S479.848.98 
 
 statement of condition 
 
 December 30, 1863 
 
 ASSETS 
 
 Loans and discounts $276,987.53 
 
 United States bonds 176,000.00 
 
 Furniture and fixtures 201.62 
 
 Cash resources: 
 
 Due from banks . - - - $64,141.73 
 Checks for clearing house - - 89,303.09 
 
 Cash on hand 130,251.32 
 
 Due from directors - - - 6,000.00 289,696.14 
 
 $742,885.29 
 
 liabilities 
 
 Capital stock $300,000.00 
 
 Undivided profits 11,699.49 
 
 Due United States Treasurer 195,046.72 
 
 Deposits - - - 236,139.08 
 
 $742,885.29
 
 aoo The First National Bank of Chicago 
 
 STATEMENT OF CONDITION 
 October ist, 1864 
 
 ASSETS 
 
 Loans and discounts $809,730.94 
 
 United States bonds 441,500.00 
 
 Furniture and fixtures 689.50 
 
 Cash resources: 
 
 Due from banks - - - $197,252.42 
 
 Checks for clearinghouse - - 38,216.40 
 Cash on hand - - - - 446,350.83 681,819.65 
 
 Si. 933.740.09 
 
 LIABILITIES 
 
 Capital stock - - $600,000.00 
 
 Surplus fund 407.26 
 
 Other undivided profits 66,752.88 
 
 Circulation notes from Comptroller $330,000.00 
 
 Less amount on hand - - 10,000.00 320,000.00 
 
 Deposits 946,579.95 
 
 $1,933,740.09 
 
 STATEMENT OF CONDITION 
 October 9, 1869 
 
 assets 
 
 Loans and discounts $2,381,957.79 
 
 United States bonds ...... 767,050.00 
 
 Furniture and fixtures 312,885.05 
 
 Cash resources: 
 
 Due from banks - - - $312,135.74 
 Checks for clearing house - - 232,069.57 
 
 Cash on hand - - - - 555.872-53 1,100,077.84 
 
 $4,561,970.68 
 liabilities 
 
 Capital stock $1,000,000.00 
 
 Surplus fund 200,000.00 
 
 Other undivided profits 72,712.88 
 
 Circulation notes from Comptroller - - - 597,270.00 
 
 Deposits 2,691,987.80 
 
 $4,561,970.68
 
 Appendices 201 
 
 STATEMENT OF CONDITION 
 December 27, 1872 
 
 ASSETS 
 
 Loans and discounts $2,493,063.06 
 
 United States bonds - 675,800.00 
 
 Building, furniture and fixtures - - . . 264,361.38 
 Cash resources: 
 
 Due from banks - - - - $549,058.04 
 
 Cash on hand - - - - 921,152.55 1,470,210.59 
 
 $4,903,435-03 
 LIABILITIES 
 
 Capital stock $1,000,000.00 
 
 Surplus fund - 300,000.00 
 
 Other undivided profits 204,959.15 
 
 Circulation notes from Comptroller $602,300.00 
 
 Less amount on hand - - - 14,315.00 587,985.00 
 
 Dividend 250.00 
 
 Deposits 2,810,240.88 
 
 $4,903,435-03 
 
 STATEMENT OF CONDITION 
 December 26, 1873 
 
 ASSETS 
 
 Loans and discounts $3,051,649.53 
 
 United States bonds -..-.. 737,388.66 
 
 Real estate, furniture and fixtures . - . - 264,361.38 
 Cash resources: 
 
 Due from banks - - - $479,221.85 
 Checks for clearing house - 282,552.16 
 
 Cash on hand - - - - 1,038,927.92 1,800,701.93 
 
 $5,854,101.50 
 liabilities 
 
 Capital stock -------- $1,000,000.00 
 
 Surplus fund - - - 500,000.00 
 
 Other undivided profits ------ 139,722.96 
 
 Circulation notes from Comptroller - - - 574,030.00 
 
 Dividend --------- 40.00 
 
 Deposits - - 3,640,308.54 
 
 $5,854,101.50
 
 202 The First National Bank of Chicago 
 
 STATEMENT OF CONDITION 
 December 31, 1874 
 
 ASSETS 
 
 Loans and discounts ------- $4,088,426.92 
 
 United States bonds ------ 684,955.26 
 
 Real estate, furniture and fixtures - - - . 264,415.38 
 Cash resources: 
 
 Due from banks - - - $848,488.91 
 Checks for clearing house - - 371,535.03 
 Cash on hand - - - - 790,589.26 
 
 Due from United States Treasurer 56,115.00 2,066,728.20 
 
 $7,104,525.76 
 
 LIABILITIES 
 
 Capital stock -------- $1,000,000.00 
 
 Surplus fund -------- 600,000.00 
 
 Other undivided profits 49,489.98 
 
 Circulation notes from Comptroller - - - 465,070.00 
 
 Dividend 50,010.00 
 
 Deposits --------- 4,939,955.78 
 
 $7,104,525.76 
 STATEMENT OF CONDITION 
 December 12, 1879 
 
 ASSETS 
 
 Loans and discounts $6,730,846.31 
 
 United States bonds - 492,982.70 
 
 Other bonds and stocks ----- 219,306.84 
 
 Real estate, furniture and fixtures - - - - 203,690.65 
 Cash resources: 
 
 Due from banks - - $1,947,222.72 
 
 Checks for clearing house - 412,492.36 
 
 Cash on hand - - - - 1,734,325.51 
 
 Due from U. S. Treasurer - 6,500.00 4,100,540.59 
 
 $11,747,367.09 
 liabilities 
 
 Capital stock - - - $1,000,000.00 
 
 Surplus fund 750,000.00 
 
 Other undivided profits ------ 377,882.89 
 
 Circulation notes from Comptroller - - - 59,197.00 
 
 Dividend - 110.00 
 
 Deposits 9,560,177.20 
 
 $11,747,367-09
 
 Appendices 
 
 203 
 
 STATEMENT OF CONDITION 
 December 20, 1884 
 
 ASSETS 
 
 Loans and discounts 
 
 United States bonds - 
 
 Other bonds and stocks 
 
 Bank building . . . . 
 
 Cash resources: 
 
 Checks for clearing house 
 
 Cash on hand 
 
 LIABILITIES 
 
 Capital stock - 
 
 Surplus fund 
 
 Other undivided profits 
 
 Deposits 
 
 $10,068,871.00 
 
 80,600.00 
 
 544,850.00 
 
 500,000.00 
 
 8,283,339.00 
 §19,477,660.00 
 
 $3,000,000.00 
 400,000.00 
 350,607.00 
 
 I5.727,o53-oo 
 
 §19,477,660.00 
 
 STATEMENT OF CONDITION 
 December ii, 1889 
 
 ASSETS 
 
 Loans and discounts 
 
 United States bonds - 
 
 Other bonds and stocks 
 
 Bank building - . . - 
 
 Cash resources: 
 
 Checks for clearing house 
 
 Cash on hand 
 
 §15,803,617.00 
 
 57,200.00 
 
 881,550.00 
 
 500,000.00 
 
 - 12,357,180.00 
 
 $29,599,547.00 
 liabilities 
 
 Capital stock -------- 3,000,000.00 
 
 Surplus fund 1,500,000.00 
 
 Other undivided profits - 797,107.00 
 
 Deposits 24,302,440.00 
 
 §29,599,547.00
 
 204 The First National Bank of Chicago 
 
 STATEMENT OF CONDITION 
 December 19, 1894 
 
 ASSETS 
 
 Loans and discounts ------ $17,884,431.00 
 
 United States bonds ------ 778,636.00 
 
 Other bonds and stocks ----- 1,605,378.00 
 
 Real estate, furniture, and fixtures - - - - 675,000.00 
 
 Cash resources: 
 
 Checks for clearing house ) x, -,-,,- ^.x ^^ 
 
 Cash on hand ^ S ' ' ' '4.725.24i.oo 
 
 $35,668,686.00 
 
 LIABILITIES 
 
 Capital stock -------- 3,000,000.00 
 
 Surplus fund -------- 3,000,000.00 
 
 Other undivided profits - 316,135.00 
 
 Deposits - - - 29,352,551.00 
 
 $35,668,686.00 
 
 STATEMENT OF CONDITION 
 December 2, 1899 
 
 ASSETS 
 
 Loans and discounts ------ $24,824,263.00 
 
 United States bonds - - 627,719.00 
 
 Other bonds and stocks ----- 3,766,203.00 
 
 Cash resources: 
 
 Checks for clearing house j .... 19017,738.00 
 Cash on hand ) ^'^ ' '-^ 
 
 $49,135,923.00 
 liabilities 
 
 Capital stock - - $3,000,000.00 
 
 Surplus fund - - - 2,000,000.00 
 
 Other undivided profits 505,854.00 
 
 Deposits - - 43,630,069.00 
 
 $49,135,923.00
 
 Appendices 205 
 
 STATEMENT OF CONDITION 
 April 30, 1902 
 
 ASSETS 
 
 Loans and discounts $45,192,862.53 
 
 United States bonds (par value) - - - 1,549,030.00 
 
 Other bonds and stocks (market value) - - 6,820,608.96 
 
 Cash resources: 
 
 Due from banks (Eastern ex.) - $14,067,980.08 
 Checks for clearing house - 2,373,712.28 
 
 Cash on hand - - - - 17,441,007.33 
 Due from United States Treasurer 119,000.00 
 
 34 , 00 1 , 699.69 
 
 $87,564,201.18 
 
 LIABILITIES 
 
 Capital stock paid in $5,000,000.00 
 
 Surplus fund 2,000,000.00 
 
 Other undivided profits 1,768,892.94 
 
 Discount collected but not earned - - - 268,596.52 
 
 Interest accrued on interest-bearing certificates - 5,738.61 
 
 United States bond account . - - - 200,000.00 
 
 Circulation notes received from Comptroller $993,500.00 
 Less amount on hand - - - - 202,810.00 
 
 790,690.00 
 
 Dividends unpaid 3,654.00 
 
 Deposits - - 77,526,629.11 
 
 $87,564,201.18
 
 INDEX 
 
 Aiken, Edmund, 51, ^j, 55, 57, 58, 61, 
 62, 1.13. 136. i93> 194- 
 
 Aiken & Norton, 51, 52, 53, 54. 
 
 Allen, Benjamin F., 66, 69, 157, 158, 
 193- 
 
 Allerton, Samuel W., 51. 53, 57, 58, 76, 
 77, 8s, 92, 97. 171 ■ 172, 193- 
 
 Atlas National Bank, 110. 
 
 Baker, W.T., 112,114. 
 
 Bank of America, 31, 33. 
 
 Bank of Chicago, 33. 
 
 Bank of Commerce, 33, iii. 
 
 Bank, first, in the United States, 11, 
 12. 
 
 Bank of North America, 12. 
 
 " Bank War," the, 33, 34. 
 
 Banking, free, 22-25. 
 
 Banking in the Colonies, 9. 
 
 Banking system, necessity of, 5. 
 
 Bank 01 the United States, the first, 
 12, 13, 14. 
 
 Bank of the United States, second, 
 15, 17, 18, 23, 24. 
 
 Banks, popular animosity to, 16-22. 
 
 Banks, State, 16, 17, 19-25; misconcep- 
 tion of them, 19; in Massachusetts, 
 20; in New York, 20; in Maryland, 
 20; in New Jersey, 20; in Ohio, 20; in 
 Indiana, 20; in Michigan, 20; vari- 
 ous types, 21; variety of experience, 
 21-24; their weakness, 38, 39. 
 
 Barber, O. C, 112. 
 
 Barbour, L., & Day, Calvin, 59. 
 
 Barker, John H., 95, 98, 112, 114, 173, 
 193- 
 
 Barrett, S. E., 112, 114. 
 
 Bartlett, Adolphus C, loi, 119, 173, 
 174. 193- 
 
 Bartlett, William J., 118. 
 
 Biographies, J«r(? the respective names. 
 
 Bishop, A. E., 59. 
 
 Blum, August,' 96, 98, no, in, 174, 
 194. 
 
 Boisot, Emile K., 93, 98, 174, 195. 
 
 Boone, L. D., 28. 
 
 Boulton, George D., 84,90,93,98, 175, 
 193, 194. 195- 
 
 Brainard, W. N., 57. 
 
 Braisted, Edward E., 54, 55, 61, 194. 
 
 Brand, Alexander, & Company, 32. 
 
 Breese, J. S., 28. 
 
 Briggs, Clinton, 107. 
 
 BronsoD, Tracy J., 53. 57. 58. 62, 136, 193. 
 
 Brooks, Jane A., 76. 
 
 Brown, Frank E., 86, 93, 98, 175, 194, 
 195. 
 
 Brown, W. H., 26. 
 
 Brown, William L., 95, 98, 112, 114, 
 176, 193. 
 
 Burch, I. H., 32. 
 
 Burch, I. H., & Company, 32. 
 
 Carpenter, Augustus A., 79, 92, 95, 118, 
 119, 15S, IS9, 193- 
 
 Chase, Samuel P., 20, 36, 40, 42, 43. 
 
 Chicago banks in 1872, 67, 68. 
 
 Chicago Bank, 33. 
 
 Chicago Clearing House Association. 
 60. 
 
 Chicago, early banking in, 26-35; the 
 State Bank of Illinois in, 26, 27; 
 other State banks in, 33-3>; con- 
 ditionsat outbreak of Civil War, 49, 
 50; in 1863,51; designation as cen- 
 tral reserve city, 81. 
 
 Chicago Marine and Fire Insurance 
 Company, 27, 28, 32. 
 
 Circulating medium, variety of, in 
 colonial times, 6; after the Revolu- 
 tion, 8. 
 
 City Bank of London, 67. 
 
 Clarke, J. Coe, 32. 
 
 Collamer, Senator, 44. 
 
 Continental Congress, experiences ol 
 the, 8, II. 
 
 Connell, Charles J., 107, 109. 
 
 Conover, Charles H., 93, gH, loi, 159, 193. 
 
 Coolbaugh, William F., 107, log. 
 
 Coolbaugh & Co.'s Bank, 55. 
 
 Corwith, Nathan, 112. 
 
 Crane, D. E., 59. 
 
 Crosbv, Isaac, 193. 
 
 Crosby, W. H., 59. 
 
 Crumbaugh, Frederick, 64, 137, 193. 
 
 Culver, George N., 76. 
 
 Cummings, Columbus R., no. 
 
 Cummings, D. Mark, 95, 98, 112, 114, 
 176, 177, 193. 
 
 Curtis, Charles H., 76. 
 
 Curtis & Tinkham, 32. 
 
 Dallas, Secretary of the Treasury, 14, 
 42. 
 
 Deering, William, 117, 118, 119. 
 
 Depreciation of currency, 6, 7, 10, 11. 
 
 Dewey, David B., 112. 
 
 Dickinson. Edward, 102, 118, 119, 177, 
 194. 
 
 207
 
 2o8 
 
 Index 
 
 Dividends, statement of, 196-198. 
 
 Dixon, Arthur, n8, 119. 
 
 Doolittle, H., 49. 
 
 Double standard, the, 8. 
 
 Dow, Asa, 112. 
 
 Dows, David, 112. 
 
 Dupee, John, 118. 
 
 Dwight, J. H., 112. 
 
 Eckhart, B. A., 118, 119. 
 
 Eddy, D.C.,32. 
 
 Eldridge, Isaac, 76. 
 
 Ellsworth, James W., iii. 
 
 Exchange Bank, 33. 
 
 Fairbank, Nathaniel K., 76, 112. 
 
 Fargo, James C, 53, 56. 160, 161, 193. 
 194. 
 
 Farmers' and Mechanics' Bank, 32. 
 
 Farwell, John V., 107, no. 
 
 Farwell, Simeon, 118. 
 
 Field, Cornelius R., 61, 63, 161, 162, 
 194. 
 
 Financial conditions in the colonies, 6, 
 7, 8; after the Revolution, 8. 
 
 Financial strength, importance of, 3. 
 
 First colonial bank, 5, 9, 
 
 First National Bank of Chicago, 49-104; 
 organization of, 50-55; earliest rec- 
 ord, 52; original articles of associa- 
 tion, 52, 53; incorporators, 53; first 
 organization, 53; capital stock, 53, 
 54; inauguration of business, 54; first 
 statement, 55; removal, 56; action on 
 loans, 58; increase in capital, 58, 59, 
 65, 73, 78, 95; stockholders, early, 
 53. 57. 59. 60; death of President 
 Aiken, 61; election of President 
 Nickerson, 61; removal to building 
 corner State and Washington Sts., 
 62; descriptionof it, 62, 63; election 
 of Lyman J. Gage as cashier, 63, 64. 
 revision of by-laws, 64-66; the great 
 fire, 66; growth, 70; third building, 
 71-73; recognition of employees, 73, 
 74,78; dissolution of the first asso- 
 ciation. No. 8 ; reorganization as 
 No. 2670, 76; incorporators, 76; cap- 
 ital, 76; articles of association, 76, 
 77; directors and officers, 77; rein- 
 auguration of business, 77; increase 
 of capital, 78; sale of old building, 
 78; election of officers, 78, 84, 93, 
 95, 98; lease of quarters, 78; office 
 r rrangements, 79, 80; cash prizes to 
 employees, 81; bond and foreign de- 
 partments, 81; resignation of Presi- 
 dent Nickerson, 82-84; election of 
 Lyman J. Gage as president, 84; 
 subscription to Columbian Expo- 
 sition, 85; depression of 1895,86; 
 address to stockholders, 87, 88; 
 clearing-house certificates, 88, 89; 
 resignation of President Gage and 
 his appointment as Secretary of the 
 
 Treasury, 89, 90; resumptionof bank 
 presidency by Samuel M. Nicker- 
 son, 90; growth of institution, 90, 91; 
 establishment of pension bureau, 
 92; retirement of Director Gray, 
 92-93; resignation of President 
 Nickerson, 92; absorption of Union 
 National Bank, 93-98; increase in 
 stock, 95; election of officers, 98; 
 separation of foreign exchange and 
 bond business, 98; Clerks' Savings 
 Association, 98; magnitude of busi- 
 ness, 99; absorption of the Metro- 
 politan National Bank, 99-102; elec- 
 tion of officers, 101,102; magnitude 
 of the bank, 102; its field and in- 
 fluence, 103, 104; the new bank 
 building, 125-129; description, 127, 
 128; statements, 55, 57, 59, 60, 63, 65, 
 67, 6g, 79, 82, 86, q6, 97. 100, loi, 199- 
 20;; election of cfirectors, 53, 56, 57, 
 58, 60, 62, 63, 64, 65, 66, 68, 6g, 70, 77, 
 79, 80, 81, S2; dividends, 58, 60, 75, 
 78, 82, 85, 91. 93. 95. 97, 98, loi, 196. 
 198. 
 
 Forgan, David R., 94, 95, 98, in, 114, 
 177. 178, 193. 194- 
 
 Forgan, James B., 85, 90, 92, 93, 98, 178, 
 193. 194- 
 
 Fox & Howard, 59. 
 
 Frankenthal, E., 117, 119. 
 
 Freeman, Burt & Co., 59. 
 
 French, L. & Co., 59. 
 
 Fuller, O. H., 112. 
 
 Fuller, William A., 118. 119. 
 
 Gage. Lyman J., 64, 65, 68, 76, 77, 78, 
 84, 162, 166, 193, 194. 
 
 Gallatin, Albert, 14., 42. 
 
 Gallup & Hitchcock, 59. 
 
 Gardin, John E., 93, 98, 178, 195. 
 
 Getty, H. H.. 112. 
 
 Gillett, Charles N., 93, 98, 179, 194. 
 
 Glover, S. J., 59. 
 
 Gold Act, the, 9. 
 
 Grannis, W. C. D., 109, no. 
 
 Grav, Franklin, D., 60, 61, 62,63, 76,77. 
 78, 92, 93, 166, 168. 
 
 Gray, Moses, W., 76. 
 
 Grey, C. F., 112. 
 
 Grey, Marshall & Co., 59. 
 
 Griffin & Vincent, 32. 
 
 Grimes, J. W., 112. 
 
 Grundy County Bank of Morris, 49. 
 
 Hall, E. G., 56, 57. 58, 65, 138. 139. 193- 
 
 Hamilton, Alexander, 8, 12, 42. 
 
 Harvey, T. W., n7. 
 
 Hayes, F. W., 117. 
 
 Hide and Leather National Bank, in. 
 
 Higgins, George W., 76. 
 
 Hipwell, W. O., no, in. 
 
 Hitchcock, Charles, 66. 139, 140. 
 
 Hitchcock, Howard H., 101, 118, 119, 
 179. 194-
 
 Index 
 
 209 
 
 Hoge, Holmes, 84, 93, g8, 179, 180, 194. 
 
 Hooper, Mr., 43. 
 
 Howard, Samuel G. D., 53, 57, 58, 60, 
 140, 141, 193. 
 
 Howard, William D., 112. 
 
 Hubbard, Gordon S., 26, 27. 
 
 Hutchinson, Benjamin P., 51, 53, 54, 
 57,58,62,141,193. 
 
 Hurd, A., 57. 
 
 Illinois State Bank, 50. 
 
 Illinois, State Banks in, 24, 26, 34, 35, 49. 
 
 Ives, George A., 109, no. 
 
 Indiana, State Bank of, 20. 
 
 Jackson, Andrew, 16, 17. 
 
 Jetferson, Thomas, 13. 
 
 Jeffery. E.T.,ii8, 119. 
 
 Jones & Patrick, 32. 
 
 Kay, William B., 60. 
 
 Kean, Samuel A., 117. 
 
 Keen, William B., 59. 
 
 Keith, Edson, 118. 
 
 Keith, Elbridge G., loi, 117, 119, 180, 
 193- 
 
 Kelley, David, no, in. 112, 114. 
 
 Kennedy, George N., ^2- 
 
 Kent, S. A., iiS. 
 
 Kimball, William W., 76. 
 
 Kimbark, S. D., 59. 
 
 Kingman, Henry M., 78, 84, 142, 194. 
 
 Kinzie, John H., 26. 
 
 Kirk, 59. 
 
 Knox, John J., 77. 
 
 Lake, Richard C, no. 
 
 Land banks, colonial, 9, 10. 
 
 Lawrence, Edward F., 65, 76, 77, 91, 
 143. 145, 193- 
 
 Lewis, Henry B., 62, 64, 145, 146, 193. 
 
 Marine Bank of Chicago, 32, 49. 
 
 Martin, S. K., 112. 
 
 May, H. N., 112. 
 
 May, Max, 98, 180, 181, 195. 
 
 McCulloch, Hugh, 44, 54. 
 
 McGuire, E. J. H., no. 
 
 McLaren, John, m, 114. 
 
 McPherson, John, 59. 
 
 McVickar, Professor John, 42. 
 
 Merchants' and Mechanics' Bank, 33. 
 
 Merchants' Savings Loan and Trust 
 Co., 50. 
 
 Merchants' Loan and Trust Company, 
 64. 
 
 Metropolitan National Bank of Chi- 
 cago, consolidation with the First 
 National Bank, 99-102; statements, 
 100; its history, 117-122; its organi- 
 zation, 117; directors and officers, 
 117-119; growth, 119; removals, 120; 
 statements, 120-122 ; dissolution, 
 122. 
 
 Mississippi Marine and Fire Insurance 
 Co., 32. 
 
 Mitchell, Alexander, 29, 31. 
 
 Monetary standard, importance of, 6. 
 
 Morris, Robert, 12. 
 
 Morris, Nelson, 66, 76, 77, 98, 181, 182, 
 
 193- 
 
 Morris, Sarah, 76. 
 
 Moore, William, 60. 
 
 Munger, A. A., 112. 
 
 Munger, Wesley, 107. 
 
 Munn, Charles A., log. 
 
 Murray & Brand, 31. 
 
 National Banking Act, fundamental 
 principle of, 20: history of, 36-46; 
 motives for, 36-40; development of 
 the idea, 40-42; opposition to it, 40- 
 44; first moved July n, 1S62, 43; en- 
 acted February 25, 1S63, 44; revised 
 J une 3, 1864, 44; subsequent amend- 
 ments, 44-45; effects of the law, 45; 
 discussion of, in Chicago, 50-51. 
 
 National Bank statistics, 46. 
 
 National Currency Act, see National 
 Banking Act. 
 
 National Safe Deposit Company, 72, 
 78. 
 
 Newberry & Burch, 32. 
 
 Nickerson, Matilda P., 76. 
 
 Nickersou, Roland C, 76, 85, 93, 16S, 
 193. 
 
 Nickerson, Samuel M., 51, 53, 54, 57, 58, 
 62, 65, 82, 92; shareholder, 76; di- 
 rector, 77; election as president, 
 61: desire to resign as president, 82; 
 final resignation, 83; resumes pres- 
 idency, 90; director under new or- 
 ganization, 97; biography, 182-185; 
 as bank official, 193, 194. 
 
 Oakley, W.C, no. 
 
 Odell, James W., 112. 
 
 OdelUJohn J. P., 109, no. 
 
 Orr, Arthur, 118. 
 
 Paine, Seth, 33. 
 
 Panic of 1837, 29; of 1857, 34; of 1S73, 68; 
 of 189=;, 86. 
 
 Pearson, D. K., 118. 
 
 Peckham,0rville,8i, 82,84,98, 185, 193, 
 
 195- 
 Pennsylvania Bank, The, 12. 
 Phillips, William B., 60. 
 Pike, Eugene S., 80, 98, 185, 186, 193. 
 Porter, Henry H., 63, 65, 76, 77, 84, 
 
 168, i6g, 193. 
 Powers, Heman G., 107. 
 Pratt, Laurin G., 112. 
 Preston, David, 117. 
 Preston, William D., 117, 118, 119. 
 Preston, Kean & Company, 119. 
 Producers' Bank of McLeansboro, 49. 
 Quirk, D. L., 112. 
 Rand, E. D., 112. 
 
 Ream, Norman B., 82, 98, 186, iSi, 193. 
 Reaper's Bank of Fairfield, 50. 
 Rice, Byron, 51, 53, 57. 58, 63, 146, 147, 
 
 193- 
 Richards, Crumbaugh & Shaw, 59.
 
 2IO 
 
 Index 
 
 Richmond, Alonzo, 59 
 
 Roath, S. B., 57, 76. 
 
 Ruxton & Co., 49. 
 
 Ryerson, Martin, 59. 
 
 Sample, Magdelina P., 76. 
 
 Sanford, George P., 76. 
 
 Sawyer, Edward C, 76. 
 
 Sawyer, Harry C, 76. 
 
 Sawyer, Henry E., 76. 
 
 Schmitt, Charles J., 61, 148, 194. 
 
 Secession, effects of, 38-40, 42. 
 
 Scammon, J. Young, 32. 
 
 Scottish Illinois Land and Investment 
 
 Co., 28. 
 Seymour, T. H., 57. 
 Shaw, Gilbert B., 117. 
 Shaw, Theodore A., 76. 
 Sharp, J. S. & Co., 59. 
 Shepard, Henry M., 57. 
 Sherman, John, 43, 44, 46, 62. 
 Sherman, John B., 53, 58, 60, 148, 149, 
 
 193- 
 Singer, Horace M., 57, 69, 76, 77, 81, 149, 
 
 150- 193. , 
 "Smith's Bank," 31. 
 Smith, George, 28, 29, 33. 
 Smith, George T., 76, 91- 94. 98, 187, 188, 
 
 193- 
 Smith, George & Company, 29, 32. 
 Smith, S. H.,6o. 
 Smith, Thos. P., 76. 
 Sound currency, necessity of, 35. 
 Spoor, John A., 95, 98, 112, 114, 193. 
 Statements of condition, 199-20;. 
 Strachan & Scott, 29. 
 Street, Richard J., 76, 78, 84, 93, 98, 188, 
 
 194. 195- 
 Suflolk Bank System, 20. 
 Swift, Elijah, 32. 
 Swift, R. K., 32. 
 
 Sycamore Bank of Sycamore, 49. 
 Symonds, Henry R., 64,67,77,78,84,85, 
 
 150,151, 193, 194. 
 Talcott, Mancel, 57, 60, 62, 69, 80, 151, 
 
 152, 193- 
 Talcott, Marv H., 76. 
 The Chicago City Bank, 33. 
 The Commercial Bank, 33. 
 The Farmers' Bank, 33. 
 The Union Bank, 33. 
 Thompson, Daniel, 64, 66, 107, 152, 154, 
 
 193- 
 
 Thorne, W. C, 114. 
 
 Tillinghast, 59. 
 
 Tinkham, Edward I., 32. 
 
 Treasury Bank of Griggsville, 50. 
 
 Tucker, Bronson & Company, 32. 
 
 Union i?ank of Boston, 49. 
 
 Union National Bank of Chicago, con- 
 solidation with the First National 
 Bank, 94; sta*:ements, 97, 112, 113; 
 organization, 107; earliest directors 
 and officers, 107; its capital, 109; 
 officers and directors, 109-111; 
 absorption of Hide and Leather 
 National Bank and Bank of Com- 
 merce, III; removals, 113; dissolu- 
 tion, 114. 
 
 United States, early banking in, 3-18; 
 natural wealth of, 3; increase in 
 wealth of, 4. 
 
 Walker, George C, 57, 62, 64, 169, 170, 
 193- 
 
 Walworth, Charles M., iii. 
 
 War of 1812, 14. 
 
 Ware, Henry A., 117, 118. 
 
 Watson, William J., loi, 118, 119, 188, 
 189, 193- 
 
 Webster, Daniel, 15. 
 
 Webster, George, 62, 63, 65, 154, 155, 
 
 193- 
 Webster & Baxter, 59. 
 Western Marine &Fire Insurance Co., 
 
 50. 
 Wetmore, Frank O., 93, 98, 189, 195. 
 Wheeler, Augustus W., 59, 60, 194. 
 Wheeler, Calvin T., 107, 109, no. 
 Williams, George T., 60. 
 Williams, John E., 112. 
 Williams, John W., !;7, 76. 
 Wilmarth, Henry M., 57,69, 76, 77, 80, 
 
 156, 193. 
 Wilson, C. L. & Co., 59. 
 Wilson, William J., 76. 
 Winston, F. S., 114. 
 Wisconsin Fire and Marine Insurance 
 
 Company, 20, 29, 31. 
 Wisconsin, laws to restrain banking in, 
 
 22. 
 Woley James D., 98, 189, 195. 
 Woodward, James L., 117, 118 
 Young, Otto, 93, 94, 98, 189, 190, 193.