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oners 16 ample. In the care of Individuals, it may be a mortgage upon real estate which it in desired to improve. In the case of municipalities like Chicago, or other governments, like Cook County and Illinois. it may be official bonds backed by the property and the good faith of such municipality or government. No long BB the security is suiple It makes bittle difference what shape It in in. The borrowor is able and willing to pay a specified amount of interest. If every man were his own banker, such borrowing. while not wholly impracticable, could not be possible to the extent which the needs of a business community render Imperative. Banks serve to concentrate capital, and there worthy borrowers will find the MUIDA they need. Bavings banks perform a double service. They borrow in small loan in larger. The difference between summ, the interest they pay and the interest they receive gives them a margin from which the expenses of the institution are paid, leaving a Burn larger or smaller. according to the of the bank, to be divided RH profits among the stockholders. It in a purely business proceeding but it IR attended with much beneficent results in every direction MA to be fairly entitled to be called philanthropic. For the depositor there IH convenience. his safety, profit. In bin own custody money would be in danger of loss or theft his own improvidence. It would be inert. neither or earning hun anything, nor being of pervice to any one o!Ho. His savings, added to thome of thousands of others ID a safe and common pointory, creates a mighty volume of money, rewhich, loaned again, keeps in circulation to the immenso ber offt of the industry. commerce. and wealth of the community. There in, therefore, a benefit all round.-s benefit to the depositor, the borrower. and the banker. THE STATE SAVINGS INSTITUTION. With sufficient capital on which to operations and guarantee good faith, commence with and prudent management, and even moderate wine custom, savings banks are successful in their operations. and are of vast service in the munity. Chicago points with pride to the State comSavings its Institution. It in the leading bank of kind in the West, and who Can calculate the good it has done in the eighteen years of its deed tablishmont ? Statistics of Its business are CH. Inin existence, but its moral work, not the purpose but the cortain accompaniment of Itm mission, 18 not written in books of record, and who can Hay how many men it saved from impoverishment, how how many women from missly, many children from untimely graves ? Who can from estimate how many industries it has Haved run, how many business houses it has aided in the hour of their sorost need ? It is possible to ascertain the number of depositors the bank bas had, but how measure the Hunshing which it has been the means of admitting into many a darkened home The history of the State Savings Institution is full of absorbing interest. It has pushed forward NO steadily from modost beginnings to its present proud place, it has outridden 80 many financial storms, it has been HO like the salamander tried in fire, it has been 80 ably managed, and it has been the treasure-bouse of 80 many of our people, that it and its record seem like something to which we might lay claim BA near and dear to us. It is, Moide from its technical name, a local institution. The measure of ILH prosperity bar marked the city's increase in population and wealth. Let 11H GLANCE BACK AT ITH HISTORY. It was opened with moderate but sufficient capital, in and sufficiently modorate expectations, 1857. Every old citizen remembers 118 location in Methodist Church Block on Washington street. just round the corner from Clark, It something novel for Chicago, for It was the first Was venture in that branch of banking which the Garden City had seen, and has, among its other distinctions of to-day, the houor of bulug the oldest savings bank in the city, The deposits were not large at first, but have steadily increased, for the people's confidence in the institution proudly meritedonmany graveoccasions. First came the run of 1861. followed in their order by those of 63, G4. GR, '73, aud the posttire days of 71. At all LLIORO periods public confidence was shaken in banks generally, and depositors were eager to ket their credits into their own clutch. Like all savings banks, the State provided in Its by-laws for what 18 known an the sixty-day rule, a requirement that, if the officers of the bank 860 fit, depositors shall give in writing potice for the uninber of days IDODtioned of their intention to withdraw their deposits. or any part of them. Knowing thoroughly its resources, the officers of the bank feared no runs. Tuoy might inconvenience, but they could not break, the bank, and through all there trying times never once did they call for the enforement of the rule. More than this, they lacilitated the efforts of depositors to withdraw, going to the expense of additional clorical to attain this end, and keeping open their doors help from dawn through davlight, and deep into the gloaming. In the face of such confidence this upon the part of the officers of the bank, as positors became reassured. and in each case the doruns were of short duration. It WAS a noble record in each instance, but it was during the gloomy days which followed upon the great fire 111 of 1871 that the humanity and spiric of the in bank's officers shone most conspicuously. They ware days of disaster, doubt, despair. The suffered with the rich, the rich with the poor The fire which had destroyed almost everything poor. st did not spare the bank-book of the savings de10 positor. Here WILH an opportunity for the State, If it were 80 disposed, to stavo off y applicants by demanding the production of their 0 evidences of deposit, but It resorted to no such 0 plan. It had shared in the common lobs. How badly it was smitton it then hardly know, but it r. did not propose to gain time for looking into its 10 affairs by prolonging the suffering of the claimin auts upon it, and instantly, and with 8 generosity which IN remembered to this day, took the chances of being defrauded, and paid each applicant, on his own assortion of identity as a dor. positor, the Buin of $20. A few days after, it or adopted the plan of paying every depositor who Bapplied, in full, on presentation of his or her Ybook. Thus the bank aided, instead of impeded. ay its customers, and thus It continued the record which up to that time it had made, record it on still makes, and a record which, while the OT ont admirable management lasts, it must always presmake, the record, namely, of paying promptly one hundred conts on the dollar. INCREASE OF BUSINESS. as XSince the date of the State's establishment its the business has, as has been said, Increased year by It year, until now it has the largest deposit of savings bank in the West. In 1800 the deposits any amounted to $150,000, in 1805 to $700. and in 1870 to $2,000,000. To-day they have reached the mammoth proportionsof $8,835,000. Through all theam years the business to the aggregate line been colossal, wince it has had dealings with over all a hundred thousand persons, and handled in 11gross between $40,000,000 and $50,000,000. The on present financial condition of the institution is ore abundantly illustrated by its seventy-first quar at terly statement, made at the close of business or of Juno follows: 30 of the current year. In full, it 18 as in$1,511,821.66 inMortgage loans on real RESOURCES. estato 635,132.2 Time loans on collaterals to 815,-24,51 Demand loans on collaterals 095,000.00 VO United States bonds 101,000.00 Bouth Park bonds by 11,000.00 County and school bonds
