USA > Illinois > Cook County > Chicago > Historical review of Chicago and Cook county and selected biography, Volume I > Part 45
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had been increased to $112,418, while ten years from that time, or January 1, 1884, the showing was as follows: Capital stock, $500,- 000; surplus and undivided profits, $50,000, and deposits $2,740,713.
The finances of the Illinois Trust and Savings Bank took even greater bounds within the following decade, so that by 1888 it be- came imperative that more commodious quarters be chosen. The ground floor of the Rookery was selected, as furnishing accommoda- tions which would be ample for any possible future growth. But the institution in all its departments-banking, trust and savings-out- grew the most sanguine anticipations. In January, 1894, its capital stock was $2,000,000, surplus and undivided profits $1,657,642, and deposits $19,258,785.
It became evident, even in the nineties, that the bank must have its own building, with the result that, after several years of prepara- tion and actual construction, the great and beautiful building was finished, now occupied by the bank-a structure not only as fine archi- tecturally as any financial home in the country, but containing all known modern devices to facilitate the transaction of business and in- sure the health and comfort of employes.
The present officers of the Illinois Trust and Savings Bank are as follows: John J. Mitchell, president; William H. Mitchell, W. H. Reid, Frederick T. Haskell and Chauncey Keep, vice presidents ; B. M. Chattell, cashier; J. I. Cooper, F. I. Cooper and E. S. Layman, assistant cashiers; William H. Henkle, secretary, and F. M. Sills, as- sistant secretary. The directors are Chauncey Keep, William H. Mitchell, J. Russell Jones, John G. Shedd, Henry A. Blair, Charles H. Hulburd, James C. Hutchins, Clarence Buckingham, Frederick T. Haskell, W. H. Reid and John J. Mitchell. John P. Wilson, James C. Hutchins and Max Baird act as counsel for the bank.
The building is faced with Hallowell granite, having Corinthian pilasters at the angles of the corner pavilions, and is two stories on the outside and one story in the center. It has a frontage of a little over 176 feet on LaSalle street, and 167 feet on Jackson and Quincy streets each. The recessed portico on LaSalle street, which is really the only exterior feature of arctitectural note, is 100 feet in length. The chief architectural feature of the interior is the colonnade sup- porting the gallery front, the ornamental stone being Sienna marble.
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In the north gallery are the extensive offices of the trust and real es- tate department, which is continued around the east side. In the northwest corner is the secretary's room, with retiring and reception accommodations, while the offices and rooms for other officers and the directors occupy the whole of the south gallery except the corri- dor. The president's room is in the southwest corner, and adjoining it is that of the vice president. A new wood, never before seen in Chicago, called vermilion wood, constitutes the finishing of the bank's interior, and the effect is both rich and delicate. The safety deposit department is installed in the basement. To facilitate the transaction of business, not only is the bank provided with a complete telephone system, but papers, orders and all written messages are transmitted through pneumatic tubes, thus doing away with call boys and messen- gers.
Bertram Mathews Chattell, cashier of the Illinois Trust and Sav- ings Bank, is a native of Treves, kingdom of Prussia, Germany,
BERTRAM M. where he was born on the 12th of November, 1856.
He is a son of John and Margaret (Olk) Chattell,
CHATTELL. and his parents came to Chicago in his early life. His father is a highly educated man, holding a professorship in a higher institution of learning in the Fatherland, and therefore care- fully supervised the education of the son. The latter obtained his mental training at home, in the public schools and at the old Chicago University, but entered business life at quite an early age. His ini- tial experience was with a stationery and book house, and his next business connection with Franklin P. Elliott & Co., paper manufac- turers, remaining their credit man and bookkeeper until June, 1882.
At the time mentioned above Mr. Chattell entered the employ of the Illinois Trust and Savings Bank as a general utility man, but after a short trial was made assistant cashier. In February. 1902, he was advanced to the cashiership, which he has since continuously and efficiently filled.
In 1884 Mr. Chattell wedded Miss Laura Condee, and they have one child, Clarence. Mr. Chattell is not bound to any political party and in his religious faith is an Episcopalian. He is a member of the Union League and the University and Homewood Country clubs and popular in both financial and social circles.
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George Evan Roberts, president of the Commercial National Bank of Chicago, is both a prominent financier and a leading Republican.
GEORGE E. He is a native of Colesburg, Delaware county,
ROBERTS. Iowa, born August 19, 1857. Educated in the pub-
lic schools of his native place, in 1874 he commenced to master the printer's trade on the Fort Dodge Messenger, and not only became an expert at that vocation, but a thorough newspaper man. Early in his newspaper career Mr. Roberts acquired political influence, and in 1882 was elected state printer of Iowa, a position to which he was twice re-elected.
Mr. Roberts first won wide attention in the monetary world with his pamphlet, "Coin at School in Finance," which was a reply to "Coin" Harvey's arguments in support of free silver. He also be- came the author of several books on financial and economic subjects. In 1898 Mr. Roberts was appointed director of the United States mint by President Mckinley, reappointed in 1903 by President Roose- velt, and in July, 1907, resigned that office to assume the presidency of the Commercial National Bank.
How this selection was viewed by the Chicago public was re- flected in the following, quoted from a leading city paper: "The treasury department of the United States government is becoming more and more prominent as a financial educational institution from which are graduated men, most young and mainly reared in the west, into the bank presidencies and other positions of highest trust and re- sponsibility. The selection of George E. Roberts, director of the mint, as president of the Commercial National Bank of Chicago, was not needed to prove this. But citing the instance only serves to em- phasize the demand that exists in the more prominent financial in- stitutions of the country for men brought into prominence through their political connections and trained in the rigid school of the fed- eral treasury.
"Another thing worthy of note in this connection is the incentive which this preferment of federal office holders is giving to young, capable and energetic men to enter politics. In the illustrious exam- ples which may be pointed out in Chicago alone are the records of men who have risen to commanding positions through their connec- tion with politics, who might otherwise have plodded along for years as country bankers, lawyers, newspaper men and in other professions.
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Through the door of political activity they have entered into the in- nermost sanctum of the commercial life of the country in a com- paratively short time."
Aside from the fact that Mr. Roberts' coming to Chicago added a strong factor to its remarkable body of financiers, he settled in the community at a most opportune time ; for soon afterward commenced the financial stringency which culminated in the temporary suspension of cash payments by many commercial and industrial institutions of the city. The Commercial National Bank, headed by Mr. Roberts, accomplished its good part, with the other financial institutions of the city, in the restoration of local confidence, and was an earnest ad- vocate of the proposition to issue clearing house certificates, which proved such an efficacious measure of relief, pending the time when the banks should receive their generous and reassuring quotas of gold and special government issues.
Since 1850 the Adsit family has been prominently identified with the financial interests of Chicago, James M. Adsit, the father of Charles C. (long a leading stock and bond broker ),
JAMES M. ADSIT. was for many years prior to his death in 1894, known as the oldest banker in this city. The elder Adsit was born at Spencertown, Columbia county, New York, in the . year 1809; arrived in Chicago on the 2nd of April, 1838, and in 1850 established a private bank at No. 37 Clark street. In July, 1856, he removed his establishment to 39 Clark street, where the great fire of 1871 found him, sweeping away not only the building, but all his early books and papers, which would have been of such value to the historian of Chicago's pioneer times. After the fire he removed suc- cessively to No. 422 Wabash avenue (near Congress), and to the Ma- son and Ogden buildings. In January, 1882, Mr. Adsit became vice president of the Chicago National Bank, of which his son, J. M. Ad- sit, Jr., became assistant cashier. At this time Charles C. Adsit, the other son, was connected with the wholesale grocery house of Ban- nard, Lyman & Co.
James M. Adsit, the elder, continued to follow the banking busi- ness with marked success until 1885, or a period of thirty-five years, when he retired from active work, being in his seventy-seventh year. He was also active in many of the most useful of the early city in- Vol. 1-30
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stitutions, among which was the Mechanics' Institute, of which he was one of the founders and the first vice president.
John Farson, who has been a private banker in Chicago for more than a quarter of a century, is also widely known for his connection JOHN FARSON. with various transportation and industrial enter- prises, and is even more prominent for his artistic tastes, culture, sociability and originality. Of late years, especially, his unique residence at Oak Park, Illinois, known as "Pleasant Home," has been the center of a polished circle of friends and acquaintances, young and old, which has been as remark- able as it has been interesting.
Mr. Farson is a native of Indiana, born in Union City, on the 8th of October, 1855, being the son of Rev. John T. and Harriet C. (Page) Farson. His father was a Methodist clergyman, and Mr. Farson himself is one of the most prominent laymen of the denomi- nation in the state. He received his education in Champaign, Illi- nois, where his father was at the time located, graduating from the public school system of that city and spending two years in the Uni- versity of Illinois. In 1876, soon after leaving the state university, he came to Chicago and commenced the study of law in the office of James R. Doolittle, United States senator from Wisconsin.
Mr. Farson was admitted to the bar of Illinois in 1880, but after practicing a year embarked in the banking business. His venture so prospered that he has continued in that line ever since. In 1889 he organized the firm of Farson, Leach & Co., his chief associate being Arthur B. Leach. The firm conducted a general banking business, and also dealt in bonds, continuing intact until 1906, when Mr. Far- son formed a partnership with his son, John Farson, Jr., under the style of Farson, Son & Co., dealers in investments and securities.
In addition to his identification with this house Mr. Farson is president of the Calumet Electric Street Railway Company, Chicago, and vice president and director of the Rockford & Interurban Rail- way Company, and vice president of the Knoxville (Tenn.) Gas Company. Mr. Farson has long been an enthusiastic automobilist and naturally has taken a deep interest in the good roads movement, having served as vice president of the national association and being now vice president of. the New York and Chicago Road Association.
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He was president of the American Automobile Association in 1906, and served as president of the Chicago Automobile Club in the same year. He is also identified with the Oak Park (Ill.) Horse Show As- sociation, and belongs to the following clubs: Union League, Chi- cago, Chicago Athletic, Illinois, South Shore Country, Chicago Yacht, Mid-day (ex-director), Glen View (Chicago) and Lawyers' (New York).
On September 1, 1881, Mr. Farson wedded Miss Mamie A. Ash- worth, their children being John Farson, Jr., already mentioned as his father's business associate, and William. The family are leading members of the Methodist church, Mr. Farson serving as president of the Illinois State Sunday School Association in 1898, and of the Chicago Methodist Social Union in 1900. He has also been much in- terested in educational matters, and as trustee is especially prominent in the management of the American University, of Washington, D. C. Mr. Farson is a thirty-second degree Mason and ex-member of the Commandery, Shrine, Knights Templar and Elks.
John A. Lynch, president of the National Bank of the Republic, was born in Chicago, June 11, 1853. He attended the Chicago pub- lic schools, was graduated from Dyrenforth Col-
JOHN A.
lege, and entered the commercial world as a mem-
LYNCH. ber of the firm of H. H. Shufeldt & Co-his father, Thomas Lynch, being at that time head of this pioneer distilling busi- ness.
When H. H. Shufeldt sold out in 1891, Mr. Lynch decided to lay aside the cares of business indefinitely, and was making plans for an extended course of travel, when the directors of the National Bank of the Republic (which he had been largely interested in organizing) prevailed upon him to give the benefit of his remarkable executive ability to the affairs of that institution, then in its infancy and need- ing wise and able management to insure its healthy growth. Once persuaded to undertake the responsibility thus thrust upon him, with characteristic thoroughness and singleness of purpose he gave it his undivided attention, and so effectually that in January, 1902, he was unanimously besought to accept the office of president, which he has filled continuously since that time.
Mr. Lynch confesses that the change from the merely commercial
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to the financial aspect of business life has been a happy one to him, and certainly it has been to the great advantage of the bank whose affairs he has so successfully administered. Of course, his previous experience has been of great value, especially in a bank doing a strict- ly commercial business ; and his clear discernment, sound judgment, conservatism of policy and personal integrity have done much toward developing the institution with which he is identified and establishing its substantial growth.
Among the qualities which distinguish Mr. Lynch and especially fit him for the position he occupies are his keen sense of honor and loyalty to the institution over which he presides. Striking evidence of these were afforded during the run on the Chicago banks in June, 1893, when he arose from a sick bed, went to the bank and tendered his personal fortune to meet the demands of depositors. That the spirit of its president has become the spirit of the bank in this respect, was conclusively proved during the recent panic which originated in New York. In November, 1907, the National Bank of the Republic, at considerable expense, imported a million dollars in gold to meet the possible currency requirements of its customers and correspond- ents, and increased its own circulation an additional million, which was also converted into gold, thus obviating the necessity for calling a single loan or distressing a single customer during the entire period of disturbance.
In appearance Mr. Lynch is young, of marked distinction of bear- ing, and has a manner at once dignified and gracious. He lives an active life, and every motion is instinct with that quiet, quick preci- sion of purpose which is noticeable in the mental processes by which he decides the various questions presented to him. He is interested in many civic and charitable movements; is president of the board of trustees of St. Mary's Training School (a million-dollar industrial institution for boys, located near Des Plaines, Illinois) ; is a member of the Bankers', Chicago, Chicago Athletic, South Shore Country and City clubs, and a governing member of the Chicago Art Institute.
In 1896 Mr. Lynch married Miss Clara M. Schmahl, of Chicago, and they have a handsome home at No. 44 Burton place. Both Mr. and Mrs. Lynch enjoy traveling and spend a portion of each year in the pursuit of their favorite pastime.
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"Until time laid its restraining finger upon him, Thomas Lynch was one of the most prominent Irish-American citizens and business
THOMAS men in Chicago," so comments the Chicago Tril-
LYNCH. une, upon the occasion of the death of this success-
ful and charitable pioneer, who passed away on the 22nd of September, 1893, after a residence in this city of more than forty-eight years. He was born in Ireland sixty-seven years before. and at the age of nineteen came to Chicago where he became con- nected with one of the old-time distilleries known as the Crosby dis- tillery. He finally came into possession of this establishment and it was known for years as Thomas Lynch & Co. He afterward formed a partnership with H. H. Shufeldt, and the business was conducted under the name of H. H. Shufeldt & Co., at Larrabee street and Chicago avenue, and for many years was one of the most determined opponents in the west of the whisky trust. This position resulted not only in continuous threats of injury to person and property, but several actual attempts, and at least one successful act of violence. In 1898 his distillery was blown up by dynamite and badly crippled. but the damage was quickly repaired. Several attempts were also made to burn it, and although no direct proof was ever obtained as to the culpability of the trust in these lawless acts, this continued suc- cession of misfortunes was at least quite suggestive and suspicious. By the final sale of the Shufeldt & Co. distillery to the whisky trust in 1901, the local triumph of the combine was complete. Mr. Lynch insisted to the last that he was not aware, even then, that he was selling to the combine, but that the ostensible purchaser was Lyman J. Gage, of the First National Bank of Chicago. It is stated that the distilling business, with all its trials and losses, brought him some- thing like $1,750,000, and as he left an estate of more than $1,000,- 000, this is undoubtedly true.
At one time Mr. Lynch was quite prominent in the affairs of the Democracy, and in 1881 was a candidate for the county treasurership. He was a prominent Catholic and a generous giver to the charities of his church. This fine trait of his character was particularly ex- emplified at Christmas time, when his offerings were unusually large.
The deceased left one daughter and three sons, as follows: Mrs. Alexander Mackay; John A. Lynch, president of the National Bank
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of the Republic, whose biography precedes this ; James D. Lynch and Thomas Lynch, Jr.
Nelson Norman Lampert, vice president of the Fort Dearborn National Bank, has acquired a high standing in other fields besides
NELSON N. LAMPERT. that of finance, being one of the most prominent Masons in the west. He is a Wisconsin man, born at Newton on the 19th of March, 1872, and, not- withstanding his substantial and varied progress, is therefore still a young man. His parents are Bartholomew and Mary (Stork) Lam- pert, who came to Chicago with their family when Nelson N. was but fourteen years of age. He is a Chicagoan by right of education and training, graduating from the Garfield Grammar School and in May, 1887, first entering the service of the Fort Dearborn National Bank as a messenger boy. He has, therefore, passed his majority with that institution, and has earnestly, ably and faithfully filled every position leading to the vice presidency.
As stated, Mr. Lampert is a strong and prominent figure in Ma- sonry, on December 18, 1907, being unanimously elected illustrious potentate of Medinah Temple. He is past master of Garden City Lodge, A. F. & A. M., and now its treasurer ; past thrice illustrious master of Tyrian Council, Royal and Select Masters ; past commander of Apollo Commandery No. 1, Knights Templar ; a member of Orient- al Consistory, and an honorary thirty-third degree Mason. He is also widely known in the social organizations of Chicago, being at the present time treasurer of the Chicago Athletic Association, in his second term of service; director and chairman of the finance com- mittee of the Hamilton Club, and a leading member of the Bankers' and Columbia Yacht Clubs.
William Taylor Fenton, president of the National Bank of the Republic, which he assisted in founding, was born on a farm near the
WILLIAM T. city of Madison, Indiana, on the 2nd of June, 1848.
FENTON. He is the son of William Logan and Cynthia Fen-
ton, and both his father and grandfather were na- tives of Kentucky, the former, however, spending the greater por- tion of his life in the Hoosier state.
The early years of William T. were spent upon his father's In- diana farm and in the acquirement of a fair education in the dis- trict schools. While still a boy he entered the banking house of
PHOTO BY GIBSON, SYKES & FOWLER.
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SAMUEL ALLERTON
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Fletcher & Sharpe, Indianapolis, by whom he was employed for ten years in various confidential relations. This training was of great value to him when he made his next move in the financial field by go- ing to Chicago and becoming identified with the Merchants' Nation- al Bank as discount clerk. Later, for six years, he served as cashier of the First National Bank of Ottumwa, Iowa, but returned to Chi- cago in 1891, and in that year assisted in the organization of the Na- tional Bank of the Republic. At the outset he was appointed cash- ier, became vice president in 1897, and has been active in the manage- ment of the institution since its organization.
Mr. Fenton's general standing is deservedly high, and has been fittingly recognized by his fellow bankers by his selection to such po- sitions as the president of the Illinois Bankers' Association, the Chi- cago Clearing House and the Chicago Bankers' Club. He is also identified with such prominent social organizations as the Chicago, Union League and Mid-Day clubs. Politically, he is a Republican.
In 1871 Mr. Fenton was united in marriage with Miss Mary Ins- keep, and their children are Mary Alice and Howard Withrow Fen- ton. The family residence is at No. 4749 Ellis avenue.
It is a positive philosophy founded upon the universal experience of mankind that those industries which are founded upon the earth
SAMUEL W. yield a safer and, on the whole, a more generous ALLERTON. return to faithful labor than any other fields of ef- fort. While man often fails, nature is the great dispenser of compensations. She says "Work, and you shall be fed and clothed," and she adds: "Labor with your head, as well as your hands, and with the years the harvests of plenty shall roll in with ever increasing momentum and magnitude."
The successful and broadly useful life of Samuel Waters Aller- ton is founded upon this philosophy, although he himself disclaims any philosophy of life. He simply says to the country boy: "Get some land with your first savings, work it hard, hang on to it, get mar- ried, get a character and then, if you have time and want to spread, come to the city-at the same time, while investing in city enter- prises or city property, hang onto your farm or farms." He says to the city boy, to his own son, for instance: "Get an education and then get in touch with a farm somewhere; while you work it, your good returns will not only be coming in, but you will be laying up
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health, vitality and character, which are always welcomed by metro- politan enterprises."
Now nearly eighty years of age Mr. Allerton, still vigorous and keen, is a striking example of the philosophy which he has uncon- sciously followed. He was born in Amenia Union, Dutchess county, New York, on the 26th of May, 1828, and comes of substantial agri- cultural stock. As he himself says : "When I was a boy and lived on a farm I was considered the best boy to work in Yates county, New York. I had a small interest in the farming and this individuality gave me courage to work for something of my own. With self-denial I saved $3,200, and established a character that enabled me, on my name, to borrow $5,000 more. In this way my credit as a worker was worth more to me than the money which I had worked twelve years to earn. No boy can succeed unless he can build up a character and credit."
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