State Savings Institution II
Life Span: 1873-~1940
Location: La Salle, between Washington and Randolph
Architect: L. D. Cleveland
- Lakeside Annual Directory of the City of Chicago, 1873
State Savings Institution, John C. Dore, pres. Charles D. Bickford, cash. 281 and 283 Madison, after Sept. 1st, 80 and 82 La Salle, branch, 974 Wabash av. (See adv’t, opp.)
Lakeside Annual Directory of the City of Chicago, 1876
State Savings Institution, J. D. Spencer, pres. A. D. Guild, cash. 80 and 82 La Salle
Lakeside Annual Directory of the City of Chicago, 1904
Merchants’ National Bank Bldg 78 to 82 Lasalle
The Land Owner, August, 1873
THE STATE SAVINGS INSTITUTION.
[See Illustration, page 132.]
The magnificent and imposing building now going up on LaSalle street, opposite the old court-house, is certainly attracting crowds of admirers, from its massive and grand appearance, the size of the stones being put into place, and its general air of strength and solidity. “The State Savings Institution” in heavy relief letters across the front apprises the passer-by that that old and staunch bank does not propose to be behind in our new Chicago
This building, when completed, will be one of the very best structures in the city, and perfectly adapted to the large business of the bank. It is erected from plans drawn by L. D. Cleveland, architect. It has a frontage on LaSalle street of 45 feet, and runs back 98 feet, being located on the corner of an alley, which gives good light on two sides, a very important feature. It is four stories in height, in the Greek style of architecture, pure and classic, bold and free. The main banking-room will be twenty feet in the clear, and will be one of the finest banking offices in the country, with marble counters and hard wood finish, the directors’ room being in the second story. The system of fire and burglar-proof vaults will be the most thoroughly complete in this city, without a solitary exception. Beginning in the cellar or basement is a vault 16 feet 10 inches by 9 feet 6 inches in the clear, thoroughly constructed in every particular, under the watchful eyes of the bank officers. The main banking-room will have four vaults, each 8 feet 5 inches by 9 feet 6 inches in the clear. The money vault will be lined with three inch steel plates, inside of which are the burglar proof safes, while the location of the building is such that it will be impossible for any designing parties to rent adjoining rooms and tunnel through the masonry. When these vaults are completed, the public will have an opportunity to compare them with others, and draw their own conclusions. In the second floor of the building, which will be fitted up with offices for rent, will be three vaults. The entire building will be heated by steam, and in construction all the best known improvements will be used. Its cost will exceed $100,000, and the officers expect to occupy it early in September.
The State Savings Institution is the oldest and largest of the Illinois savings banks. Its paid-up capital is $500,000; the liability to stockholders in addition to capital is $500,000, thus rendering the indemnity to depositors one million dollars, in addition to the assets, which are now over four millions. It was originally started in 1857 by M. B. Kidder, Esq., who, with his silver locks and hale old age, is still one of its directors, and feels the same interest in its prosperity, now that it has grown to be a financial giant, that he did in its early days. In 1861 it was reorganized under the present name. The old building, which stood on the site of the new structure before the fire, was erected and occupied in 1865. The growth of this institution has been through years of honest industry and unimpeachable integrity, giving its depositors perpetual security and confidence. In 1863 its deposits were $300,000, in 1865, $800,000. Three years later, in 1868, they reached $1,800,000, a growth of $1,000,000 in three years. In 1871 the depositors had in its hands $3,000,000, and to-day it holds $4,464,818 in trust for its thousands of patrons, the largest line of deposits enjoyed by any savings bank in the West. When the reader takes into consideration all the changes that the past twelve years have seen in the financial world, he must needs marvel at the abilty which has carried this institution through it all, and kept it ever on the upward scale.
Mr. Nathan B. Kidder, referred to above, Chas. D. Bickford, the cashier, and Albert D. Guild, the assistant-cashier, have been in the Institution for many years. Mr. Bickford has made a long and honorable record, and has shown himself a very able financier. A recent acquisition has been D. D. Spencer, Esq, as president. Mr. Spencer was the organizer of the Cook County National Bank, of which he was president until his resignation to take a similar position in the State. Under his management the Cook County grew in an incredible short space of time to be one of the leading banks in the city. The Vice-President is Thos. S. Dobbins, Esq., a leading capitalist of this city, and a gentleman widely known in financial circles. The following is the present list of trustees and offioers:
Trustees—Chauncey T. Bowen, John C. Dore, Wm. H. Turner, David D. Spencer, Thos. B. Dobbins, Dr. John H. Foster, Dr. D. S. Smith, Nathan B. Kidder, Perkins Bass, Daniel Goodwin, Jr.
Officers—D. D. Spencer, President; Thos. S. Dobbins, Vice-President; Chas. D. Bickford, Cashier; Alfred D. Guild, Assistant Cashier.
- 80-82 La Salle Street
Greeley-Carlson Atlas of Chicago
1891
- Merchants’ National Bank
Sanborn Fire insurance Map
1906
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