Chicago City (part 56 of 57)

Dr. Thompson's education was obtained at the public schools of Baltimore, Maryland, at McAllister College and Princeton University - that is, through these mediums he laid a broad foundation of general and literary knowledge and scientific attainments, which is the best possible preparation for the physician and surgeon of the day. His professional studies were pursued first at the Hahnemann Medical College, Chicago, from which he was graduated in 1892, and a supplementary course, at the College of Physicians and Surgeons, of the same city, earned him a second degree of M. D. In his specialty of gynecology, Dr. Thompson is now acknowledged to be a leading authority and practitioner. He is consulting gynecologist to St. Joseph's and Union hospitals, and has a large private clientele. In common with other up-to-date members of his profession, he keeps in touch with the advanced literature and clinics of medicine and surgery by identifying himself with such organizations as the American Medical Association, the Illinois Medical Society and the Chicago Medical Society.

Dr. Thompson's wife, to whom he was married April 25, 1901, was formerly xA.nna Carruth Hill, and the two children born to them were Anna Hill Thompson, deceased, and William Mcllwain, Jr., born August 19, 1907. The family residence is at No. 1840 Wrightwood avenue, but an increasing practice requires an office in the central business district of the city, which is located at 100 State street, old eastern family, his ancestors settling in America prior to the Revolutionary war. After passing through the district and high schools of his native locality, he entered the Valparaiso (Ind. ) University, receiving from that institution the degree of B. S. in 1890, and of A. B. in 1891. Soon afterward he was appointed assistant principal of the high school at Liberty, Missouri, and in 1892-3 held the principalship of the Greeley public school, at Streator, Illinois.

The details and routine of pedagogy, however, were ill adapted to Dr. Rogers' active and scientific temperament. He therefore resigned his position at Streator, and was matriculated at Rush Medical College, Chicago, from which, after an assiduous course of study, he was graduated in 1896 with his M. D. Since June of that year he has continuously practiced in this city, and, either from a pecuniary or a purely professional standpoint, has no reason to regret his choice of a location. From 1898 to 1905 he served as assistant surgeon of the Chicago Clinical School; in 1903-4 coached the Cook county quiz class in surgery, for the College of Physicians and Surgeons; was professor of clinical surgery of the Chicago College *f Medicine and Surgery in 1905-6; secretary of the west side branch of the Chicago Medical Society in 1905-6; since 1901 has been professor and head of the department of physical diagnosis, Chicago College of Dental Surgery, and since 1906 professor and head of the department of surgery of the Chicago College of Medicine and Surgery (Medical department of the Valparaiso University). He is also surgeon to the Frances E. Willard hospital.

The Doctor is a member of the American Medical Association, the Illinois State Medical and the Chicago Medical societies, and the Tri-State Medical Society (Illinois, Iowa, Missouri). He is an honorary member of the A. K. K. fraternity, connected with the Chicago College of Physicians and Surgeons. His contributions to medical literature are numerous and highly valued, and in 1907 his professional attainments were further strengthened and broadened by European travel and education. In the summer of that year he visited the leading hospitals and clinics of Europe, and returned to his practice with the increased knowledge and confidence which come with such valuable experience. His practice is now limited to surgery and consultations.

the historic fraternities. He is identified with Landmark Lodge, Knights of Pythias, and in Masonry is a member of Wright's Grove Lodge, A. F. and A. M. ; Oriental Consistory, Valley of Chicago (thirty-second degree), and Medinah Temple, Mystic Shrine. The Doctor's wife, to whom he was married in 1901, was formerly Miss Rena Belle Richards, and the family residence is at the corner of Warren and Homan avenues. The downtown office is at No. 72 Madison street.

ear their specialty in practice and educational demonstration, none better merit notice in a work of this character, both by reason of their thorough preparation and proficiency, than David Fiske, M. D. He is of English descent, and his family has furnished to this country numerous representatives who have become prominent in literary and professional fields. A native of Shelburne, Massachusetts, born in April, 1872, his parents are David Orlando and Isabelle (Hawks) Fiske, and the education of his boyhood and youth was obtained in the common schools of his native town and the high school at Greenfield, Massachusetts.

Dr. Fiske obtained his fundamental professional education at Rush Medical College, from which he was graduated in 1900, but, in - line with other advanced members of his profession, has pursued several post-graduate courses abroad - notably in Berlin and \'lenna. After his graduation from Rush Medical College he at once began practice in Chicago, and is now well and favorably known as an oculist and aurist in private, clinical and educational circles. He is assistant professor of otology at the Chicago Policlinic, attending oculist and aurist at the German Hospital and attending oculist and aurist at the Maurice Porter Memorial Hospital, as well as assistant in ophthalmology and otology at Rush Medical College. He keeps in co-operative relations with his fellow practitioners and also in touch with the latest progress in scientific medicine and surgery through his membership in the American Medical Association, and the Illinois State Medical, the Chicago Medical, the Chicago Ophthalmological and the Chicago Otological societies. Socially he is identified with the Illinois Athletic, the Marquette Club and the Glen View some of the most delicate of instruments, are all brought into the service of the modern physician and surgeon. The member of the profession who makes the medical and surgical treatment of the intricate organs of the senses his specialty has especial need of scientific and mechanical attainments of the highest order. He must also have a broad medical education, in order that he may be able to trace special effects from general constitutional conditions, or remote causes in the human anatomy. The specialist of today is therefore everything but narrow ; in fact his knowledge is usually wonderfully exact and thorough in his own field, and broader outside of it than the average so-called general practitioner. Of the specialists of the day none require greater accuracy or breadth that those engaged in the treatment of the eye, ear, nose and throat - parts of the body which are so intimately related that it is often a severe test to the diagnostician to locate the primal cause of the trouble.

Robert Hosea Good, M. D., whose prominence in the field mentioned is a certainty that he possesses the modern requisites for advancement, is a Canadian by birth, but received his higher and professional education in the United States. He was born in Waterloo, province of Ontario, on the 31st of December, 1873, the son of Joel and Agnes (Hosea) Good. On the paternal side he is of German blood, his ancestors coming from the fatherland to the United States in 1737, while his maternal forbears were of good Scotch stock, his mother coming to Canada in 1839. Until he was sixteen years of age the youth attended the Canadian schools, for two years afterward attending an American high school, and in 1896 graduating from the academic course of the Northwestern College, at Naperville, Illinois. Soon thereafter he entered the Albion (Mich.) College, completing his course and receiving his degree of B. S. in 1899. In 1902 Dr. Good completed his professional studies at Rush Medical College, entitling him to an M. D., and the same year received also an M. S. from Northwestern College. In 1906 he pursued a post-graduate course at the University of Vienna, Austria, for which he received a regular certificate. It will thus be seen that along literary, scientific and professional lines Dr. Good has had a most thorough mental training, and since he commenced his practice and educational work in Chicago, in 1902, his advancement has been so rapid as to be a signal proof of the wisdom of such a radical preparation.

From 1903 to 1905 Dr. Good served as clinical assistant in the eye and ear department of Rush Medical College; is assistant instructor in physical diagnosis at the Chicago College of Dental Surgery, in 1904; assistant in eye at the Chicago Policlinic, in 1905; surgeon in eye, ear, nose and throat to the Evangelical Deaconess Hospital; staff member in ear, nose and throat at Frances Willard Hospital, and is now head professor in ear, nose and throat at the Chicago College of Medicine and Surgery. The Doctor keeps in line with modern progress and in close touch with the members of his profession by his identification with the transactions and publications of the American Medical Association, the Illinois State Medical Society, the Chicago Medical Society and the Chicago Laryngological and Otological Society.

Dr. Good was married June 26, 1900, to Ella Bell Wagstaf¥e, and of this union has been born two children - Palmer Wagstaffe and Grace Madeline. The Doctor's residence is at River Forest, where, as in Chicago, he is known as a leader in his specialty, and a cultured, affable and popular gentleman.

(Sheriff) Orth, and, as the name indicates, he comes of substantial German ancestry. From the public schools he graduated finally into Monmouth College, and in 1887 received from the latter the degree of B. S. Soon afterward he came to Chicago and was matriculated at Rush Medical College, from which he obtained his professional degree in 1890. Still desirous of greater experience before entering practice, he secured an interneship at Alexian Brothers Hospital, under competitive examination, and remained there during- eighteen months of 1890 and 1891. At the conckision of that term of service he was appointed attending physician at the hospital, and has filled the position since. This long official connection, with his growing private practice, has made the doctor a most familiar figure on the northwest side of the city. His residence is at 1764 Wrightwood avenue, and his downtown office is in the Schiller building.

On June 23, 1898, Dr. Orth was married to Miss Anna Catherine Tempel, and their three children are Dorothy Frances, Calvin William and Richard Edgar Orth. The doctor is professionally identified with the Chicago Medical Society and the American Medical Association, and his fraternal relations are with the A. F. and A. M.

obscure, for it was early recognized by general practitioners that many troubles and weaknesses of the human body, if taken in hand at an incipient stage, could either be eradicated, or at least be prevented from becoming chronic and life-long burdens to the flesh. The wisdom of prevention has, in fact, had as much to do with raising pediatrics to its present plane of importance as the natural parental anxiety for a cure when a disease is actually fixed or at an acute stage. The successful practitioner among children must be of an especially sensitive, observant and sympathetic nature, and yet of great self-control so as not to communicate his perplexities or fears to those who are, perhaps, unduly concerned in the welfare of their young. Not having the assistance of a mature patient in diagnosis, he is thrown with particular emphasis upon his own resources. Such noteworthy success as has come to Isaac Arthur Abt, M. D., is, therefore, a special evidence of professional penetration and skill.

Although an Illinoisan. born at \\'ilmington, December 18, 1868. the doctor's parents, Levi and Henrietta (Hart) Abt, are natives of Germany. He obtained his elementary education from the public schools of Chicago, and was prepared for college at the old University of Chicago. In 1889 he completed a preliminary medical course at the Johns Hopkins University, Baltimore, and in 1891 graduated from the full course of the Northwestern University Medical School, then known as the Chicago Medical College. During the following two years he had the advantage of serving as an interne at the Michael Reese Hospital, Chicago, and from 1893-94 took post-graduate work in Berlin and Vienna.

He was professor of diseases of children at the Northwestern University Woman's Medical School until it went out of existence, and at one time was instructor in physiology, histology and diseases of children at Northwestern University Medical College. He is now attending physician (diseases of children) to Michael Reese and Cook County Hospitals ; consulting physician to Provident Hospital and Home for Crippled Children, and associate professor of diseases of children at Rush Medical College. He has written numerous monographs on the diseases of infancy and childhood; is the editor of The Year Book on diseases of children, and is a member of the various medical associations.

On x\ugust 20, 1897, Dr. Abt was united in marriage with Lena Rosenburg, the children of their marriage being Arthur Frederick and Lawrence Edward. The family residence is at 4326 Vincennes avenue, and his ofhce at 100 State street.

Benjamin Brindley Eads, M. D., dean and professor of surgery and clinical surgery, Rlinois Medical College, graduated from Jefferson Medical College, at Philadelphia, in 1891, Benjamin B. , . ,, , , .. . . , ,

Zj, and m the same and followmg year was residentin-chief at Jefferson Hospital, and also associate surgeon with Dr. Boardman Reed' at Atlantic City, New Jersey. In 1892 he passed his examination before the New York State Board of Health, at Albany, and the New Jersey State Board of Health at Trenton, and he is entitled, by registration, to practice in Pennsylvania, Ohio, Kentucky and Illinois.

Dr. Eads first became known as an educator in Chicago in 1893, when he was appointed instructor in anatomy and assistant demonstrator of anatomy in Rush Medical College, holding the position until 1894. From 1895 to 1897 he served as professor of anatomy in Ilhnois Medical College; was professor of applied anatomy and operative and orthopedic surgery in the same institution in 1898- 1900, and since 1900 has been professor of surgery and clinical surgery, as well as dean of the facult}^ Since 1894 he has also been surgeon to the Illinois Hospital; was professor of surgery and clinical surgery at Jcnncr Medical College in 1897-98, and was surgeon to Cook County Hospital in 1905-07. He was president of the ex- Resident Physicians and Surgeons of Jefferson Hospital for 1907-08, and is a member of the following professional organizations: American Medical Association. Chicago Medical Society. Chicago Pathological Society and the Mississippi Valley ]\Iedical Association.

Dr. Eads, whose professional career has been distinguished by rapid progress to such responsibilities and honors, was born at Paris, Bourbon county, Kentucky, on the 23rd of January, 1870, son of Darwin D. and Anna Frank (Adair) Eads. His father was also a physician, a graduate of Jefferson Medical College, class of '69. The son was educated in the common schools of Bourbon county, also in private institutions and under private instructors, and completed his literary training in the college at Carthage, Missouri. On September 6, 1898, he married Miss Elizabeth Douglas Stedman. Their children are Elizabeth, Benjamin Brindley, Jr., and Charles Stedman. Dr. Eads and family reside at No. 683 Washington boulevard. He is a member of the Illinois and Fort Dearborn clubs, and of Union Park Lodge, A. F. and A. M. ; York Chapter, St. Bernard Commandery, and Medinah Temple of the IMystic Shrine.

30, 1864, and is the son of William Robert and Emily Adelaide (Cook) White. He traces his remote ancestry to the French and Dutch, but so far removed in time that he is content to say simply, with Patrick Henry, 'T am an American."

As to his education, the doctor is, primarily, a product of the Chicago public schools, and received his professional degree from the Chicago Homeopathic Medical College, being a graduate of the class of '88. For five years before entering college Dr. White enjoyed a good business training - a decided advantage to any professional man. In 1879-81 he was connected with the wholesale grocery house of John A. Tolman and Company, and in 1881-85 was en- gaged in the fire insurance business with D. S. Hunger and Company. This vakiable experience proved the stepping-stone to his profession, and he entered the Chicago Homeopathic Medical College in 1885. As stated, he graduated in 1888. The, following eighteen months he served as interne in the Cook County Hospital. From the time of his graduation until three years before the consolidation of his alma mater with the Hahnemann Medical College, Dr. White was upon the teaching staff of the Chicago Homeopathic College. He held successively the position of demonstrator of anatomy, adjunct professor of physiology, and clinical assistant in medicine and dermatology, associated with Dr. John R. Kippax. Upon the retirement of the latter he became professor of skin and venereal diseases. From 1893 to 1904 Dr. White was also attending physician at the Cook County Hospital, and is attending physician to Monroe Street Hospital at the present time, being also consulting dermatologist at the Chicago Day Nursery and Half Orphan Asylum. Since 1894 he has been treasurer of the Demonstrators' Association of Illinois, and for a number of years has been assistant surgeon Illinois National Guard, with the rank of captain, assigned to the First Regiment. During the Spanish-American war he had charge of the hospital train of that command from Montauk Point to Chicago.

Dr. White is a member of the Chicago Medical Society^ the Association of Military Surgeons of Illinois and the Association of Military Surgeons of the United States. He is also identified with the Improved Order of Heptasophs and Knights of Maccabees, and the Illinois, Fort Dearborn, Westward Ho Golf and the Chicago Motor clubs. The doctor was married October 5, 1892, to Miss Isabella Stone, and his family residence is at No. 831 Washington boulevard, his downtown office being in Marshall Field and Company's building, on Washington street.

hospitals and polyclinics of Europe. This international contact has also been the means of acquainting many of the rising European physicians with the advantages of the United States as a fertile field for their practice and advancement. For centuries the universities of Vienna and Prague have been noted centers of medical education, and their hospitals have become famous resorts for clinical experience. With other large cities of the country Chicago has sent her full quota of physicians to the medical institutions of Austria, and has welcomed not a few natives of that country to the professional ranks. Among those who have come within quite recent years, Dr. Heliodor Schiller is noticeably qualified, by education and experience, to make a name for himself in his adopted city and country.

Dr. Schiller was born in Luck, Austria, of German ancestry, on the i6th of July, 1871, his parents being Dr. Wolf and Anna Schiller; so that, from natural aptitude and paternal example, he adopted the profession of medicine and surgery. As became one of his parentage and station in life, he received a thorough literary training prior to assuming his professional studies. He first graduated from the high schools at Eger and Karlsbad, and from the college in Prague, Bohemia, and then entered the university at the latter city, to pursue his medical course. Graduating from the latter May 15, 1895, he was subsequently physician of the department of pathology and general medicine (in the latter under Professor A. Pribram), then surgeon of the surgical clinic, under Professor Woelfer, from May, 1897, to October, 1898, and of the obstetrical and gynecological clinic, under Professors Von Rosthorn and Saenger, from October, 1898, to July, 1899, all of the above positions being held at the University of Prague, From the fall of 1899 until the spring of 1902, he served as head surgeon of the Rothschild Hospital at Witkowitz, near Vienna, spending the following summer in the pathological institute of Professor Paltauf, in Vienna. Soon afterward the doctor came to Chicago to commence active practice, and is esteemed a skillful and valuable addition to the scholarly members of the profession. In addition to the positions already noticed which Dr. Schiller has held in his native country, he was officially known as military surgeon of the Austrian army. Since becoming a resident physician of Chicago he has been enrolled as a member of the American Academy of Medicine, of the Chicago Medical Society, the German Medical Society of Chicago and the Illinois Athletic Club.

He is a son of the Rev. George Bruce and Hannah Elizabeth (Garner) Wolfe, his father being a Methodist minister and his maternal grandfather a clergyman of the same denomination. These family circumstances, however, had little influence upon the career of Dr. Wolfe, as his predilections for the medical profession were too strongly implanted. Financial considerations made it impossible for him to at once prosecute his studies, and for ten years he was engaged in the drug business - an experience which he found of much value to him in his subsequent practice.

Dr. Wolfe is a graduate of Rush Medical College, Chicago, class of 1890, and since that time has been engaged successfully in general practice. He has made an especially thorough study of pediatrics and holds the chair of that department of medicine in the Chicago College of Medicine and Surgery, being also physician to the Frances E. Willard National Temperance Hospital, on South Lincoln street.

The Doctor was married June 18, 1885, to Miss Mary Eliza Bell, of Petersburg, Illinois, and they have one daughter, Stella Irene Wolfe, born August 23, 1890. The family home is at 95 Laflin street, Dr. Wolfe having a wide personal and professional acquaintance in that section of the city. The extent and continuous expansion of his practice necessitates the maintenance of an office in the central business district, and is located at No. y2 East Madison street.

on the 1 6th of September, 1856. The son of Joseph and Mary Reynolds (Cassidy) Shears, his family on the paternal side was English, and on the mother's was of English ancestors who settled in Ireland. At a later day some of the paternal forefathers also became residents of the Emerald Isle, among those of special note being John and Henry Shears, who were prominent champions of their country's independence.

The literary education of Dr. Shears was obtained in the public and high schools of Aurora, at the Normal School and under private instructors. Two years after graduating from the Normal School he was matriculated at the Hahnemann Medical College, Chicago, from which he received his professional degree in 1880. Subsequently he pursued post-graduate work in Berlin and Vienna, and in their educational institutions and great hospitals obtained the benefit of the instruction of master minds and the clinical training which could not have been enjoyed from years of private practice.

Dr. Shears was an interne in the Hahnemann Hospital in 1 880-1, and after three years of growing private practice his high standing was recognized by his appointment to the superintendency of that institution. He retained that position until 1893, having been lecturer on surgery at the college in 1882. He has held the full professorship of that chair since 1889, and been president of the college since 1900. The doctor's standing in homeopathy is also indicated, by the facts that he is ex-president of the Clinical Society, Chicago Homeopathic Society and the Illinois State Homeopathic Medical Society; is a senior member of the American Institute of Homeopathy, and an honorary member of the British Homeopathic Medical Society and the New York State Society. He is very widely known as a writer on surgical topics, having furnished medical literature with many monographs, and being assistant editor of Cliniqttc.

Although Dr. Shears has been unable to devote much time to matters outside of his profession, he has been deeply interested in social reforms, and is now a trustee of Abraham Lincoln Center He is independent both in politics and religion. In 1884 the doctor was married to Miss Jessie E. Hunter, and their home has long been at 291 1 Prairie avenue.

any other physician of the west has he raised the importance of pediatrics as a department of medicine, that chair having been especially created for him by Rush Medical College.

Dr. Cotton is a native of Illinois, born in Griggsville, Pike county, on the 1 8th of May, 1847, being a son of Porter and Elvira (Cleveland) Cotton. Rev. John Cotton, American progenitor of the family, was born in Derby, England, on the 15th of December, 1585, was a Cambridge Fellow and a Puritan clergyman prior to his removal to Boston, Massachusetts, in 1633. Before landing at the Hub his wife gave birth to a son, appropriately named Seaborn; the daughter of Seaborn was Sarah, who became the wife of Increase Mather and the mother of the famous Cotton Mather. The branch of the family to which Dr. Cotton is directly related sprouted in New Hampshire, and Melvin Cotton, the grandfather, is recorded as a Revolutionary patriot of marked ardor and bravery. His son. Porter, a teacher of. high literary and professional attainments, married a Vermont lady (the Elvira Cleveland mentioned), and afterward migrated to the south, serving with distinction on the faculty of Washington College, at Natchez, Mississippi, but, finding opposition to his anti-slavery views so bitter as to force his. return to the Green Mountain state. In 1840 he located at Griggsville, Illinois, and, scholar though he was, assumed the practical work of the frontier community as a grain dealer, mill owner and general merchant. There he reared his family of six children, lived for forty years and died a venerable man, honored and beloved.

Dr. Cotton was the youngest child of this family, and, as will be anticipated, received a thorough education in the classics, sciences and his profession. Rev. W. H. Whipple, a Congregational clergyman, prepared him for the college, but his studies were interrupted in 1863 by his enlistment, when sixteen years of age, as a drummer in Company F, One Hundred and Thirty-seventh Regiment, Illinois Volunteer Infantry. Half of the sixteen months of his service was spent in southern prisons, and the wounds which he received rendered his health critical for some time after being mustered out of the Union ranks.

As soon as his health would permit the youth entered the State Normal University at Bloomington, Illinois, from which, after a brilliant course, he graduated in 1869. For the succeeding seven years he served as a principal of grammar and high schools and as Biiperintendent of city schools, attaining in this field special prominence as a teacher of Latin and the natural sciences and an organizer of graded schools. In 1873 ^^^ served as deputy county superintendent of the Iroquois county schools.

Several years prior to this time Dr. Cotton had commenced his medical studies w^ith Dr. J. R. Stoner, of Griggsville, and in 1876 he permanently abandoned the field of pedagogy. In the autumn of that year he entered Rush Medical College, graduating in 1878 as valedictorian of his class, with the degree M. D. ; in 1887 was honored with that of A. M. by Illinois College. Dr. Cotton was at once invited to accept a lectureship as a member of the spring faculty of Rush Medical College. He accepted the invitation, but located for practice at Turner, quite an important railroad town of DuPage county, where, from 1878 to 1881, he served both as county coroner and village health officer, and was appointed assistant surgeon of the Chicago and Northwestern Railway. In 1880 he became lecturer on materia medica and therapeutics at Rush Medical College, and opened an office in Chicago, in May, 1882, establishing himself on the west side and concentrating all his professional labors and abilities on the field in this city. He had previously served as assistant to the newly established department on diseases of children connected with his alma mater, and in 1883-84 pursued post-graduate courses in this specialty at the chief medical and clinical centers of the United States. In 1888 he was made adjunct professor of materia medica and therapeutics in Rush College, and in 1892, on the decease of Professor Knox, was appointed to succeed him in the chair of clinical pediatrics. Since 1882 he has been connected with the children's department of the Central Free Dispensary, either as attending or consulting physician, and for many years he has served the Presbyterian Hospital in a like capacity, as well as holding the position of obstetrician to that institution and lecturer to the Illinois Training School for Nurses. He has also been for years on the medical staff of Cook County Hospital, and in 1891-93 and in 1895-97 was city physician of Chicago. By virtue of this latter position he was a member of the Chicago board of health, medical superintendent of the police department and the house of correction, and was in charge of the Chicago Isolation Hospital and the infectious disease ward of the Cook County Hospital. The doctor served for a number of years as examining surgeon on the United States Pension Board, and for years was elected surgeon for the Grand Army of the Republic and the Veteran Union League.

Dr. Cotton is a leading member of the Chicago Medical and Pathological societies, Illinois State Medical Society, American Pediatric Society, American Medical Examiners' Association, and the American Medical Association. In 1894, at the national meeting of the last-named body, he was elected temporary chairman of the section on diseases of children, and at the Baltimore congress of the following year was chosen to the chairmanship. He has been president of the Chicago Pedriatric Society, Chicago Medical Examiners' Association, Chicago Physicians' Club, Chicago Alumni Chapter of Phi Rho Sigma and of its grand chapter. For more than twenty years he has been medical referee for Chicago and vicinity with the Prudential Life Insurance Company, of Newark, New Jersey. In addition, he is surgeon to the artillery battalion of the Illinois National Guard, and has served as commander of American Post, No. 708, Grand Army of the Republic.

As an author Dr. Cotton's reputation has been broadly extended, the following being his best-known text books : "Diseases of Children," "Physiology and Hygiene of the Developing Period and Care of the Infant." His frequent contributions to pediatric literature have received international recognition, having served as a delegate to the International Medical Congress held in Moscow in 1897, and to the Madrid congress of 1903. He is also one of the few Americans who have been honored with membership in the Societe Francaise d'Hygiene of Paris, France. In Masonry he is a member of Garfield Lodge, Chicago; Doric, West Chicago; K. T., Bethel Commandery No. 36, Elgin, Illinois.

On May 2, 1893, Dr. Cotton was united in marriage with Miss Nettie U. McDonald, and the children of this union are Mildred Cleveland and John Rowell.

Thi Kew York

Born on a farm near Peru, Indiana, on the 22nd of February, 1 85 1, he is the fourth son of Timothy Lewis and Mary M. (Wright) King, his ancestors being pure Enghsh and pioneers of New England. The Wainwrights, the family of his paternal grandmother, resident at Great Barrington, Massachusetts, were loyal colonists prior to the Revolution and remained loyal to the mother country throughout the struggle. Dr. King's paternal grandfather was bom in England, coming with his uncle to Massachusetts at the age of fourteen. He was married at Great .Barrington to Miss Sarah Wainwright. in 1807, at which place the father of Dr. King was born on March 9, 1814.

Both of his maternal grandparents were natives of Connecticut and his mother was born in New York January 15, 1818. In 1835 his parents were married in Ohio, removing to Peru, Indiana, four years later and making that state the family home until the death of the mother in 1893, at the age of seventy-five years.

The family consisted of six sons and five daughters, of whom Oscar A. was the seventh child. Until he was fifteen years of age his life was spent upon his father's farm, at eighteen graduating from the Peru high school as valedictorian of his class. For a few years thereafter he taught and pursued collegiate studies in private. In 1873 he began the study of medicine under Professor Henry Palmer of Janesville, Wisconsin, a prominent military surgeon of the Civil war, having the rank of brevet brigadier general and afterward becoming surgeon general of Wisconsin, and continued as a private student under the noted Professor Louis A. Sayre, of New York, graduating from the Bellevue Hospital Medical College in 1878. After being associated in practice for a short time with Dr. Palmer in Janesville, he was appointed second assistant physician in the Wisconsin State Hospital for the Insane at Madison, but early in 1880 he was granted a leave of absence and spent that and the following year attending lectures and clinics in the University of Vienna and the hospitals of that city. He studied at the clinics of Kaposi, Braun, Fuchs and Billroth, especially devoting himself to neurology and psychiatry under Professors Benedict. Weiss, Leydersdorf and Meynert.

work at the Wisconsin State Hospital for the Insane, having been promoted to be first assistant physician, but shortly afterward resigned to accept the chair of mental and nervous diseases at the College of Physicians and Surgeons, Chicago, to which he was elected in the fall of 1882. In 1890 he was elected a director of the college and also to the chair of clinical medicine; was chosen secretary of the college; in 1896 assumed his new teaching title (by which he is still known) as professor of neurology, psychiatry and clinical medicine; in 1899 was chosen chairman of the committee on university relations and was one of the strongest factors on the faculty which finally brought about its incorporation into the University of Illinois and its general development into one of the great medical colleges of the country. This year (1908) completes Dr. King's twentysixth year as professor of nervous and mental diseases in the College of Physicians and Surgeons, of which, for the past eight years, he has been vice president, and for the past five, vice dean; so that, altogether, there are few who can better claim to be considered one of the founders of this institution upon its present broad basis than the subject of this review.

Dr. King was the real founder of the College of Dentistry of the University of Illinois, his fully developed plans and organization, being accepted by the president and board of trustees of the university. He is still retained both as chairman of the committee on organization and of the dental committee, which bodies guide the work of the college. In 1895 the Doctor was appointed pathologist and consulting alienist to the Wisconsin State Board of Control, having charge of the state charitable and penal institutions, and later was chosen a member of the advisory medical board of Cook county institutions at Dunning. He is chief of the department of neurology of the West Side Free Dispensary, and a member of the Chicago Medical Society, Wisconsin State Medical Society, Chicago Neurological Society and the American Medical Association.

Dr. King's identification with the College of Physicians and Surgeons, Illinois College of Dentistry and other important institutions, with his active and consultatory practice, make him a very busy and influential member of his profession. But his remarkable executive capacity and broad ability have also been evinced in the founding of one of the most complete and attractive sanitariums in the country. In 1883 he founded the Oakwood Springs Sanitarium at Lake Geneva, Wisconsin, for the treatment of nervous and mental diseases, vi^hich was constructed at a cost of $106,000, and in 1896 established a sanitarium for medical cases, the Lakeside Sanitarium. For years Dr. King- was president and chief of the medical staff of each ni these fine institutions. In 1901 the sanitariums were consolidate! and together became known as the Lake Geneva Sanitariums. After twenty-four years of active control, Dr. King still retains the dominant interest in them, and continues as the chief of staff and guiding spirit. Some seventy-three acres of beautiful woodlands around the picturesque Wisconsin lake formed the basis of the setting, which has given to this retreat a national reputation, and established him among the pioneers of the medical profession who have had the foresight to place nervous patients among restful and beautiful surroundings, away from all confusion and turmoil and under the direct observation and care of expert physicians and nurses.

The sanitarium is also a monument to the King family, as two of Dr. King's brothers, R. G. and Albert E. King, during the first ten years of its existence, added a small fortune to the other resources of Oakwood. The following paragraph also adds another reason why Dr. King's affections, as well as his pride, go forth with peculiar strength to Lake Geneva sanitariums: "On the 9th of August, 1887, Dr. King brought his bride, Miss Minerva Guernsey, of Janesville, Wisconsin, to Oakwood. Hundreds of suffering patients, hundreds of grief-stricken friends and scores of loyal nurses and servants, now and always, will carry in their hearts the dearest memories and loving devotion to her who never withheld her sympathy and practical succor to anyone following a hard path through a painburdened world. Mrs. King planned and carried into effect the numerous indoor and outdoor entertainments given for the diversion and amusements of patients during these years. She also took general directic«i of the classes of patients (in modem languages, natural philosophy, musk:, history and biography) for whom mental exercises have been employed as most important adjuncts in the treatment of mental diseases."

public schools of Morrison, a town in western Illinois, afterward gaining practical training as a teacher during four years before completing his general education. As a medical student he was associated with Dr. Samuel Taylor of Morrison, the leading practitioner in Whiteside county, under whose guidance the young student was well prepared for the technical and systematic course of medicine and surgery in Rush Medical College, from which institution he was graduated with the class of 1879.

For twelve years Dr. Mathews practiced in Dyersville, Iowa, during which period he gained a reputation for thorough knowledge and practical results in the application of his professional skill, holding the position of surgeon for the Illinois Central Railroad and the Chicago & Great Western Railroad, and because of marked success became a consulting physician in his own and surrounding counties.

In 1 89 1 Dr. Mathews traveled in Europe, and for six months was a close student of methods in the hospitals and clinics of London and Edinburgh. Upon his return he located at Oak Park, where during fifteen years' practice he has gained an enviable reputation as a strictly professional practitioner and a citizen of substantial worth.

The Doctor is a member of the American Medical Association, of the Chicago and Illinois State Medical societies, and is attending physician to the Oak Park Hospital. He is identified with the local lodge of Masons, and is as highly respected in social circles as he is appreciated and honored in the field of his profession.

By L. A. Goddard

The pioneer community of the first half of the last century sel~ dom had banking facilities. In the first place there was very little cash currency ni circulation, and if tliere was a surplus the local merchant usually had it and had to devise individual means to protect this money. The merchant being the "moneyed" man. in this sense, was also entrusted with the surplus cash of other citizens. He had a safe or other means for its protection, and was usually glad to accommodate his fellow citizens in this respect.

pany m 18 18, when John Kinzie and Antoine Ouilmette w^ere the only regular residents outside the fort. Beginning with the year 1822 he was a regular and frequent visitor at Fort Dearborn, and it is said that not a person living in the vicinity of the Chicago river was unacquainted with this brave and vigorous fur trader. In 1827 he severed his connection with the American Fur Company and while the Indians remained in their northern homes he continued as one of the principal traders with them. In 1834 he established his business headquarters permanently in Chicago and for many years, besides his prominence in the merchandising and shipping, commission, packing and forwarding trade, enjoyed almost countless honors at the hands of his fellow citizens. Before the establishment of a regular bank Mr. Hubbard was often entrusted with the keeping of various sums either for deposit or for business exchange. This special business relationship with the early citizens of Chicago has entitled Mr. Hubbard to the honor of being considered the first banker.

lowed his father in the profession of law and was licensed to practice while Illinois was a territory. He was a resident of Kaskaskia while that was the capital, became clerk of the United States court for Illinois, moved to the new state capital at Vandalia, where he was editor of the Illinois Intelligencer, the oldest paper in the state. He lived and acted in the period when slavery menaced Illinois, and took part in the memorable contest in the early years of the state when the free-state people successfully opposed the legalizing of slavery in Illinois.

His appointment as cashier of the branch of the State Bank brought Mr. Brown to Chicago in October, 1835. The first State Bank of Illinois, incorporated in 1819, had closed in 183 1 in a hopeless condition of bankruptcy. On February 12, 1835, the legislature had incorporated another State Bank, which was to have not more than six branches (later hmited to nine). Chicago at once moved to secure the location of one of these branches, and the official directory was first announced December 5, 1835. John H. Kinzie was a strong name for the president, and other directors were G. S. Hubbard, Peter Pruyne, E. K. Hubbard, R. J. Hamilton, Walter Kimball, H. B. Clarke, G. W. Dole, E. D. Taylor. About ten days later the bank opened for business. At that time a four-story brick block stood at the corner of LaSalle and South Water streets, owned by the firm of Garrett, Brown & Bro. One of the ground-floor rooms was the home of the branch bank. The State Bank issued an immense amount of credit currency, and its efforts were directed toward maintaining the circulation of a money that depended for its value to a large extent on the speculative enterprises and the state internal improvements of the time. The panic of 1837 made it impossible for state bonds, bank notes or any kind of "scrip currency" to be maintained at a fair approximation to parity, and the State Bank was soon at the end of its usefulness. The legislature put the bank in Hquidation by an act of 1843, ^^'^^ from that time until the passage of the general banking law in 1851 there existed no chartered bank, with full powers, in Chicago.

Mr, Brown, the cashier of this institution, was a man of considerable wealth when he came to Chicago. The residence that he built at a cost of ten thousand dollars in 1836 was one of the elegant homes of the time, and stood as an attractive landmark at the northwest corner of Pine and Illinois streets. Twenty years later the homes of fashion had moved out of that section, and he built a residence on Michigan avenue that cost thirty thousand dollars. Mr. Brown was a member of the syndicate that bought the charter of the Galena & Chicago Union Railroad in 1846. He was at that time in nominal partnership with Alfred Cowles, in the law, but he had many other interests that kept him employed until his retirement from active business life at the close of the war. Plis service as school agent in 1840 and as one of the school inspectors should not be forgotten. He was a Republican member of the legislature during the war. The Chicago HListorical Society elected him its first president. He died in Amsterdam, June 17, 1867. It has been said of him : "Intellectually he was not great, but his talents were respectable; and though per- after a prospecting tour, he organized the Scottish Illinois Land Investment Company. This was about 1835, just at the time when land speculation in the west was at high tide. Mr. Smith became a large stockholder in the company, and Patrick Strachan and W. D. Scott came to Chicago with him to manage the affairs of the company. In 1837 Mr. Smith lived in the old Lake House, and Strachan and Scott, who were known in the community as real estate agents and private bankers, had their office on the corner of Lake and Wells streets (now Fifth avenue).

Messrs. Strachan and Scott conducted their private bank here until 1840, and his association with these shrewd and educated bankers probably turned Mr. Smith to finance rather than real estate. These men, and Alexander Mitchell, another Scotchman, gave the business community that centered about Milwaukee and Chicago a paper circulating medium that for years passed current at its face value and was as redeemable as United States treasury notes to-day. Their banking business was illegal but honest, and people preferred it to the uncertain methods and credit issues of the bank which had the legal sanction of the state of Illinois. ^

Mr. Smith and his associates found a model for their enterprise in the charter of the old Chicago Marine and Fire Insurance Company. Although the charter particularly forbade that the company should do a banking business or issue any notes or bills for use as money, the company, viewing the deranged condition of the monetary system at the time, advertised in May, 1837, that it would receive moneys on deposit and loan the same in accordance with the permission granted by the charter. But the company extended this privilege and commenced a regular banking business. It received deposits, loaned money, bought and sold exchange and coin, and the certificates of deposit, though without the semblance of bank notes, actually circulated to some extent. The face of one of these certificates of

In the restricted banking operations of this Chicago company, Mr. Smith and his associates found the suggestion which led to the foundation of one of the strongest banking institutions of the northwest. In 1839 they obtained from the Wisconsin legislature a charter that copied almost word for word the charter of the Chicago company just described. The Wisconsin Marine and Fire Insurance Company was incorporated, with George Smith President, and Alexander Mitchell secretary. With possibly no legal rights to transact banking, yet the company received deposits and issued certificates, in various denominations from one to ten dollars, with about the same wording as appeared on the Chicago company's certificates. The home institution was at Milwaukee, and Strachan and Scott, and later George Smith and Company, redeemed the certificates and acted as Chicago correspondents. In December, 1841, certificates to the value of $34,- 028 issued by this company were in circulation, and so rapidly did they increase in favor that in four years' time this credit circulation had reached a quarter of a million dollars, and in December, 1851, amounted to nearly a million and a half dollars. Never a dollar of this vast amount failed to be redeemed at face value, and in this respect the record of this banking concern stands out conspicuously among the unnumbered failures of like institutions during that era. The company continued to do banking business under its original charter, and in the face of constant opposition from the state banks, until 1853, when the company was reorganized, under the Wisconsin general banking law, as a legal banking institution. But the owners would not drop the old name, and for years the Wisconsin Marine and Fire Insurance Company Bank was one of the strongest and ablest conducted banks of the state.

Mr. Smith as head of the firm of George Smith and Company, private bankers, managed the Chicago branch of this company with great skill and many times successfully withstood the attacks on his credit engineered by his rivals. Smith's bank, located first on LaSalle street and then on Clark, between Randolph and Lake, continued business until 1856-57. at which time Mr. Smith retired from his honorable and successful career as a Chicago banker, and with a large for- suddenly presenting it for redemption. The Wisconsin Marine was too strong and its proprietors too astute to be seriously injured by these attacks. One day, chancing to meet Mr. Scammon on the street, Mr, Smith asked him the amount of circulating notes that the Chicago Marine had outstanding. Scammon estimated it at $175,000. "1 know where $125,000 of these notes are," remarked Smith pleasantly; "they are in my vaults, and some day I will bring them over to you for redemption," and then walked on. To be suddenly called upon to redeem more than two-thirds of its total circulating issue might have proved embarrassing at the time, and it is said that Mr, Scammon experienced that uncomfortable feeling that has at times come to so many others. Finally they decided to settle the matter amicably and agreed to respect each other's circulation and not join in creating a run on their respective banks.

The steamboat Pennsylvania arriving at Chicago from Buffalo in September, 1835, had at least one passenger whose subsequent career is a part of Chicago's history. The boat anchored outside the longbar that extended from Water street south to Madison, and the passengers were conveyed in a skiff to Dearborn street, being landed under the bridge that crossed the river at that point. From there a young man of twenty-three years walked west through the prairie grass to Market street, near Lake, where he registered at the old Sauganash Hotel as J, Young Scammon. A native of Maine, reared on a farm, on account of an injury to his left hand he had turned to the law, and had received academic and college training and been admitted to the bar of his native state. Through a letter of introduction he became a deputy clerk in the Cook county circuit court, and also began practice, J. Young Scammon was one of the able members of the early Chicago bar, a lawyer by training and a scholar, and he edited volumes 2, 3 and 5 of the Illinois Reports. Among the partners with whom he practiced for varying periods of time were Biickner S. Morris, Norman B. Judd and Ezra B. McCagg.

A lawyer by profession and a citizen whose public service has left its mark on various institutions, Mr. Scammon was probably most prominent as a banker. He was appointed attorney for the State Bank in 1837, and the experience made him thoroughly familiar with banking methods of the time. He later became president of the Chicago Marine and Fire Insurance Company, which performed most of the functions of a bank until the banking law of 185 1, previously referred to in this article. The first bank to organize in Chicago under the terms of the banking law was the Marine Bank, becoming the first really legal bank since the old State Bank went out of existence. The Marine Bank was organized early in 1852, and issued its first circulating notes on April 17. As president of this institution, Mr. Scammon directed every effort to maintaining the integrity of his bank and at the same time consistently fought the banks that continued to do business without legal sanction. He led the movement which resulted in the legislature passing the act to drive the illegal banks from the state.

Mr. Scammon continued in active direction of his business affairs until 1857, when he retired to spend some of his ample fortune abroad. On returning in i860, he found the Chicago Marine and Fire Insurance Company (which had been revived from the original concern) almost in a state of bankruptcy. He once more appeared one of the active figures in the financial district, and succeeded in restoring the prestige which his institution had lost.

Mr. Scammon's banking enterprises bridged over the period of history between the original State Bank and the National Banks. The banks of legal standing in Illinois during the decade before the war were banks of issue, their circulation being based on certain classes of approved securities. Many Chicago and Illinois banks held large lists of state bonds from Missouri and other southern states. The panic of 1857 sent the values of these securities to the lowest ebb, and as a result the bank notes depreciated ten. fifteen and twenty per cent of face value. It became necessary for a business man to scrutinize every bank note, and if not familiar with the standing of the issuing bank to refer to the Bank Note Reporter to enable him to fix the proper rate of discount. Anyone going east with western bank notes found it necessary, before he could exchange them in New York, to go to a broker and buy New York or eastern exchange at a premium over the western notes. Great confusion existed in the issues of the various banks, and the situation, from the modern point of view, seems intolerable in a business world. Soon after the panic of 1857 came secession and the Civil war. The Illinois banks, with their large holdings of southern state bonds, lost almost the full value of these securities, and depreciation continued until during the first years of the war state bank notes were worth less than half their face in gold. The National Banking Act, though a war measure, was an assumption of control of credit circulation by the nation which doubtless the conditions among the state banking institutions would have forced upon the country eventually under a state of peace. By taxing the issue of state banks ten per cent, the National Banking Act forced the state banks to discontinue this feature of their business, or take out charters as national banks. The business of some of the old state banks was continued as private institutions, without powers of issuing notes. Mr. Scammon and his associates conducted the Marine Bank through various vicissitudes during the war and up to the panic of 1873, and its affairs were finally wound up in 1874. In 1861 it was unable to liquidate its notes except at heavy discounts. In 1863 the Marine Bank was reorganized as the Marine Company, with Mr. Scammon as president, and as a private banker he brought the complicated finances to a close. It is said that Mr. Scammon was the first in Chicago to profess adherence to the doctrines of Swedenborg, and the original five dollar bills of the Marine Bank had engraved in vignette the bust of that distinguished philosopher and theologian. He organized the first Church of the New Jerusalem west of the lakes. We are told that Lyman J. Gage resigned a position as night watchman in a sash and door factory to begin his career in banking as bookkeeper for .the Merchants Loan and Trust Company. Both among the organizers of this institution and among the men who were trained by their association with it, were some of the remarkable financiers of Chicago's histoiy. Isaac N. Arnold, one of the venerated names of the Chicago bar, William B.. Ogden, foremost as a leader of Chicago's civic development, Walter L. Newberry and others of note were among the thirteen original trustees who organized the Merchants Loan and Trust Company in 1857.

This bank, now the oldest in Chicago, was the result of an effort on the part of Chicago business men, whose character is well represented in the above names, to apply conservative methods to the finance of the time and furnish a reliable banking and currency medium for the transaction of business. George Smith had just left Chicago, and it seemed possible, in the opinion of these men, that the wild-cat banks would be left in control and eventually bring complete disaster to the financial system. Isaac N. Arnold and John H. Dunham were elected to the legislature to secure the necessary legislation for a new bank, and in face of much opposition secured approval of a charter on January 28, 1857. The bank was opened for business in the following May. The first location was at the northwest corner of Water and LaSalle streets, on the first floor of the old Board of ''Trade building, which then stood there. From the spring of i860 until the fire it was in the Dickey building at the southwest corner of Lake and Dearborn. It is related that while the fire was rapidly advancing upon this locality, Solomon A. Smith, who was then president of the bank, and Charles Henrotin, the cashier, opened the money vault and extracted all its contents, consisting of about a million dollars in bonds and greenbacks of large denominations, and about three million dollars in securities and notes, etc. A clerk who ran by at the moment was pressed into service, and the treasure was divided into three bundles of equal weight. Then during the early hours of Monday morning, the three men, each with over a million of wealth in his arms, went out into the panic-stricken crowd that thronged the streets, and made for Michigan avenue. Men crazed by whisky and thieves and toughs ready for any opportunity to pillage, were everywhere; but in their slouch hats and old coats the treasure-bearers were unmolested, the very crowd being their safeguard. They ran down Michigan avenue to Terrace Row, where P. L. Yoe, one of the directors, lived. The treasure was dumped on the floors of his house. At ten o'clock in the morning it was removed to the residence of John Borland on Indiana avenue, and from there to the house of Mr. Smith, who lived at the corner of Harmon Court and Wabash avenue. The basement dining room of his residence was fitted up as a bank, and there, eight days after the fire, the bank opened for business. That was the bank's home until the completion of the Manierre building at Madison and Dearborn, which was occupied from the spring of 1872 until 1881, when the bank secured a new location in the Portland block at Washing/on and Dearborn streets. In 1900 it was moved where it is now located, in the bank and office building at the corner of Clark and Adams streets.

inclined toward varied interests like J. Young Scammon, W. H. Brown and others of the earlier bankers ; but during the period of his financial activity he was not excelled for ability and business capacity by any of the financiers of Chicago. He was almost as strong a figure in the financial affairs of the city from the beginning of the war until the fire, as George Smith had been during the forties and early fifties. Born in Massachusetts in 181 5, he became interested with his father in the manufacture of powder, and peddled the product through the country. He came by Erie Canal and lake steamer to Chicago in 1840, where he was connected with the Laflins, powder manufacturers, the firm being Laflin and Smith for a time. Mr. Smith was considered one of the successful manufacturers and business men in the days before the war, and being among the original promoters of the Merchants Loan and Trust Company, he was called to succeed the first president, J. H. Dunham. He assumed the position during one of the most trying periods of Illinois finance, when the country had hardly recuperated from the panic of 1857 and when the outbreak of the war caused a decline and often an almost total loss of the value of the southern securities that were then held as bank resources in Illinois. Mr. Smith continued in the performance of duty to the close of his life, not allowing a lasting illness to interfere with the work to which he was devoted. He died November 25, 1879. He is remembered as being very frugal and plain in habits and dress, was reserved and quiet, and seldom allowed any distractions to interfere with his methodical habits of life at home and in his office. Most of all, his credit lies in upholding the commercial soundness of the city during times of national panic. His only living son is Byron Laflin Smith, founder and president of the Northern Trust Company, and formerly one of the officials of the Merchants Loan and Trust.

The Civil war made enormous demands upon the national treasury, and the g-overnmcnt within a few months after the beginning of the war was seriously embarrassed by the difficulties of providing funds from the regular sources. Permission to duly empowered organizations upon certain conditions to put into circulation bills furnished them by the government, their redemption in specie to be guaranteed and regulated by the government, was the means of making the national debt an available capital for banking purposes that was proposed by Secretary Chase, and out of which grew the National Banking Act. In order to give the national currency thus created preference over other forms of credit currency, it was proposed to tax the issues of state banks to such an extent that these institutions could not profitably issue notes. Naturally the state banks opposed the measure. But the necessity of securing "one sound, uniform circulation of equal value throughout the country upon the foundation of national credit combined with private capital," forced Congress to act, and a bill passed the senate February 12, 1863, and the house eight days later, and the National Currency act received the signature of the president, February 25, 1863. While the practical results of the act did not realize expectations during the war, the national banking system eventually remedied the great financial ills from which the country suffered under the miscellaneous and loose methods of state banking.

Although the National Bank Act was an emergency or war measure, yet the law stands today practically, and particularly in important features, in its original form. The fact that the national banking system has been, since February, 1863, the central pillar of America's financial power, is an evidence of the wisdom and foresightedness of our law-makers during that critical time when they had to act in a hurry. By the national bank act, the credit of this country has not only been maintained, but gradually grown beyond that of any other country of the world. Proof of this was furnished during the panic of 1907, when bonds guaranteed by sound security and bearing five per cent, sold many points below par, yet government bonds, bearing only two per cent, were selling freely all along at four to five per cent premium or more. This resulted largely from the demands by national banks to use government bonds to secure increased circulation and government deposits. It is estimated that three-fifths of the United State§ government bonds are carried by the national banks for° these purposes. Much comment has been indulged in and no little criticism that the act favored the national banks, whereas, in fact, it works to the advantage of the United States government. It is argued that the banks make a profit on this circulation, which is true, but the profit is of little moment compared to the benefit derived by the government. The profit to banks averages only about one per cent, as the following computation will show. For $100,000 of the two per . cent bonds at a premium of four per cent, a bank will pay $104,000. On these it will get a maximum circulation of $100,000. The current rate of interest makes but little difference, as it operates both ways. Putting the interest at five per cent, the bank will thereby receive $2,000 interest on the bonds and $5,000 on the circulation, provided the full amount is loaned and no loss attends, making the gross receipts $7,000. The following deductions must be made :

"The First National Bank of Chicago" was the eighth institution under the new law to receive the approval of Comptroller McCulloch to begin business. Its organization was planned while the legislation was still under discussion in Congress and, the first articles of association were adopted May i, 1863. The day before the formal opening of the bank the Tribune published the following :

"The First National Bank of Chicago goes into operation tomorrow, July ist, 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 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 important a position, who so thoroughly understands the business of the city. The bank will open at the former office of the president. No. 22 La Salle street, immediately north of Coolbaugh & Co.'s Bank, northwest corner of Lake."

was of Scotch ancestry, a New Englander by birth, and had attended Yale College as long as health permitted. On coming west in 1835 he clerked for a while in a store at Mishawaka, Indiana, then returned east and became a lawyer, teacher and farmer, until, finally yielding to the fascination of Chicago in 1856. His office was on the east side of Clark street, on the alley between Lake and Randolph, and in a year he was joined by a Syracuse capitalist, John D. Norton, and the firm of Aiken and Norton was then best known as loan agents and private bankers. The office was moved to the old Board of Trade building at La Salle and South Water in 1862, where the business of the First National Bank was opened. Mr. Aiken was president of the First National Bank until his death in 1867. While a man of impressive business ability, he was more than a banker. He was one of Chicago's early lovers of music and the fine arts, and the old Academy of Science was organized in his home, with Professor Agassiz as the guest of honor. The Home for the Friendless and the welfare of the Union soldiers were objects of his charitable activity. The Auditorium Annex covers the site of the old Aiken home.

Samuel M. Nickerson, Benjamin P. Hutchinson, Samuel W. Allerton, John B. Sherman, James C. Fargo, Byron Rice and other well known figures in Chicago finance were among the original directors of the First National. S. M. Nickerson was president, succeeding Mr. Aiken, twenty-seveni years, for more than half the bank's existence. He was a distiller at the time of the organization of the bank.

the influential business men whose co-operation proved so valuable in the establishment of the First National Bank. In 1864 he became president of the Chicago City Horse Railroad Company, and about the time he became president of the First National he headed the group of men who organized the old Union Stock Yards National Bank. During his presidency, the First National passed the crises of the fire and the panic of 1873. In the year after he became president the location of the bank was moved from the Exchange block, at the southwest corner of Lake and Clark, to the first building erected for the bank's home, on the southwest corner of State and Washington. The five-story stone building, with its principal entrance on the corner, reached by a flight of steps, was swept by the fire and only the walls and interior vaults spared, but it was restored for business by the first of the year, and during the decade of the seventies was considered one of the best business structures of Chicago, ranking with the Pahner, Tremont, Field and other structures. The site of the present bank building was, before the fire, the location of the postofihce building, and later the Haverly Theatre, and the ground is school property. When the old building at State and Washington was outgrown a new site was sought. The northwest corner of Dearborn and Monroe was leased for ninety-nine years, and on it the building so familiarly known until recent years was erected, being occupied by the bank on November 27, 1882. With the expiration of the second bank charter, in 1902, the present bank and office building was planned. To give frontage on Monroe street, the ten-story Montauk block, one of the early Chicago skyscrapers, was removed.

During most of these changes Mr. Nickerson remained president, and was directing the growing activities and prosperity of the bank. He served until 1891, and then in 1897 was again called to the office for three years. He has been a resident of New York since 1900.

C. R. Field resigned the position as cashier of the First National in 1868, and Lyman J. Gage was chosen his successor. Two years later Mr. Gage had become a director, and for nearly thirty years he was the pivot of the bank's affairs. He was cashier from 1868 to 1882, vice president until 1891, and succeeded Mr. Nickerson as president in 1 89 1. He was aggressive in upholding sound-money standards, and through his position and as a public speaker dominated a large section of public opinion on financial matters. His active interest in behalf of sound money during the campaign of 1896 resulted in President McKinley offering him the treasury portfolio, for which Mr. Gage was so well qualified. He resigned his position as president of the First National in February, 1897, and remained a member of President McKinley's cabinet until after the assassination, his resignation becoming effective in February, 1902. For several years he was president of the United States Trust Company of New York, and since 1906 has lived retired at San Diego, California. In the work of organization and pledging of financial support which preceded the Chicago Columbian Exposition, Mr. Gage was so prominent that his name will always be identified with the success of that fair. He was president of the board of directors until his election as president of the First National Bank necessitated his withdrawing from the executive post, though he remained on the board of directors and was constantly at work in behalf of the great enterprise. He was also at one time president of the Chicago Civic Federation, and while a resident of Chicago was one of the strongest supporters not only of movements for the material and commercial development of the city, but of undertakings that promoted the aesthetic and intellectual progress.

January, 1900, the directors of the First National Bank by unanimous vote chose James B. Forgan to succeed Mr. Nickerson as president. In strength of personality, in thorough know! - which his opinions are quoted and his influence carries weight, Mr. Forgan is one of the most eminent bankers of America. By birth a Scotchman, and trained for his career in the banks of the British Empire, he came to Chicago in 1892 from Minneapolis, where he had been cashier of the Northwestern National, and after .eight years' service as second and then first vice president of the First National Bank, he was elevated to his present position in 1900.

Under the presidency of Mr. Forgan the Union National Bank and the Metropolitan National Bank have been merged in the First National Bank, the capital has been increased from $3,000,000 to $8,000,- 000, with $7,000,000 surplus ; while the deposits have increased from $35,000,000 to $100,000,000. In December, 1903, under the Illinois laws, Mr. Forgan organized the First Trust and Savings Bank, with a capital of $1,000,000, the stock being paid for by an extra dividend of $1,000,000 from the First National Bank. The stockholders and directors in both institutions are identical, the First Trust and Savings Bank now having deposits of over $35,000,000. The National Safe Deposit Company, of which Mr. Forgan is president, and which is controlled by the bank, is the subsidiary corporation which completed the eighteen-story building on Monroe and Dearborn in 1905. The general office of this bank is the largest single banking room in the country, and the grand court of the building is one of the finest in the city.

Of the national banks that have had a continuous existence since the issue of their first charters, the Commercial National is the second oldest in Chicago, having been organized in December, 1864, and beginning business in thjs January following, about a year after the First National Bank. Henry F. Fames was president of this bank for thirty years, and the length of his service and his abihty as a financier lend prominence to his name among the bankers of the past century. He succeeded P. R. Westfall, the first president, in 1867. At that time the bank was in a comparatively prosperous condition, having deposits of over half a million. When Mr. Eames resigned in 1897, deposits were over nine million. During the following ten years the institution continued its growth to rank among the largest of Chicago banks, a condition largely due to the management and ability of President James H. Eckels, who as comptroller of the currency during President Cleveland's second administration had won the admiration of financiers by his adroit handling of the problems presented during the crisis of 1893. When Mr. Eckels died in 1907, the Commercial National Bank was in a most prosperous condition, with deposits over forty million dollars. At that time a bank home had been built for this institution at the corner of Clark and Adams, and has since been occupied, which is one of the finest and largest business structures in the down-town district. George E. Roberts, for about ten years director of the United States mint, succeeded Mr. Eckels as president.

the Merchants National Bank and its founder, Chauncey B. Blair, an account is found elsewhere. Under Mr. Blair and his son Chauncey J, this bank had a continuous individual existence from 1865 until 1903, when it was consolidated with the Corn Exchange Bank. The latter institution was founded as a national bank in 1870, by Benjamin P. Hutchinson, who during his active connection with Chicago's commercial history was the most familiar figure on the Board of Trade, and one of the shrewdest operators in the trading activities that make up the history of that institution. He came to Chicago in 1859. having failed in the shoe business at Lynn, Massachusetts. He was then thirty-one years of age. For five dollars he is said to have bought a membership in the Chicago Board of Trade, and in the next four years through his operations on the grain market had paid all his Lynn debts and had a comfortable fortune. He became a pork packer, his establishment forty years ago being one of the largest in the yards.

Though a promoter and one of the first stockholders in the First National Bank, he soon afterward helped to found the Corn Exchange National Bank. Benjamin P. Hutchinson died in 1900, having been for more than forty years a resident of Chicago. His son, Charles L. Hutchinson, though for over thirty years identified with banking and now one of the vice presidents of the reorganized Corn Exchange National Bank, has given much of his time to the development of the sesthetic side of Chicago's life, especially as president of the Chicago Art Institute, for the founding of which on a permanent basis and its subsequent progress he has been largely responsible. The Corn Exchange National Bank, on its present basis, has a capital of $3,- 000,000, surplus $3,000,000, and deposits of over fifty million. Ernest A. Hamill is president, with Chauncey J. Blair, Charles L. Hutchinson and D. A. Moulton as vice presidents. The old Corn Exchange National Bank surrendered its national bank charter in 1881, at which time the Hutchinsons and S. A. Kent organized the state bank, which continued to bear the original name until the founding of the new Corn Exchange National in 1903.

Of the banks that have lost their identity through consolidation, one of the most substantial until within the last decade was the Merchants National. This bank had a character of solid- -p, ity apart from its strength in capital and deposits.

Among bankers and in the financial world generally it was known as the bank of Chauncey B. Blair, whose name was a power in Chicago banking circles until his death in 1891. He is accorded the unanimous credit of having twice saved the financial situation in Chicago, restored public confidence and averted a general disaster to its banks and a far-spreading financial calamity. Conservative while treading the safe paths of prosperity, he always met the threats of commercial and financial disaster with a confident and brave bearing and was most bold when he seemed to be leading a forlorn hope. In his early years Mr. Blair was identified with banking and business in northern Indiana, especially at Michigan City, and for some years conducted the LaPorte branch of the famous Indiana State Bank. Like some other prominent bankers of Chicago, he conducted a private bank for a time after locating in this city in 1861. The Merchants National, which he organized in 1865 and of which he was president continuously until 1888, when he was succeeded by his son

Channcey J. Before the fire of 1871 this bank was one of the strongest then in the city, having over a milhon dollars in deposits, and capital and surplus of nearly a million. In the crisis that followed the fire, when only one of the nineteen banks in the city had a home, Mr. Blair firmly dissented from the majority opinion of his fellow bankers that the institutions suspend payment. He announced his intention of keeping his doors wide open and paying dollar for dollar, and,- following his example, the banks commenced to pay out small sums for immediate use.

Until a little more than ten years ago, the bank architecture of Chicago had little to commend it from an artistic point of view, though some of the earlier buildings were considered, in their time, splendid in proportion and design. The improvement in bank architecture was subject to the same influences that caused an advance in other types of building construction during the years following the Columbian Exposition. In 1894 only three banks had invested their capital in bank buildings, the others being tenants. Not one of these three buildings is now considered among the fine structures of the business district, while one of them was torn down a few years ago to make room for the sixteen story bank and office building of the First National Bank. The Illinois Trust and Savings, the Chicago National, the First National, the American Trust and Savings, the Northern Trust Company, the Commercial National, and the Corn Exchange have, one after another, within the past twelve years erected homes that are among the conspicuous landmarks of the modern down-town district. The Illinois Trust and Savings and the Chicago National were the pioneers, after which came the First National, completed in May, 1905; the American Trust and Savings, in 1906; the Northern Trust, also in 1906; the Commercial National, in 1907, and the Corn Exchange National, in 1908.

Chicago banking since the year of the panic in 1873, the Illinois Trust and Savings Bank having been organized on May 7th of that year, William H. Mitchell being one of the promoters,, and for many years has served as its first vice president. John J. Mitchell became president in 1880, his predecessors having been L. B. .Sidway and H. G. Powers. The extraordinary growth of the bank is sound reason for Mr. Mitchell's eminence among western bankers.

city. The confidence of the nation in western financiers was illustrated in the selection of these men, and their subsequent careers are proof that this confidence was well bestowed. Edward S. Lacey, who since 1892 has been president of the Bankers National Bank, was the first of these men. The Bankers National, which began business on August i ith of that year, has enjoyed a prosperous growth. A year after its opening its deposits were less than a million dollars, which since that time have increased to upwards of twenty millions. In his early business career Mr. Lacey was identified with banking in Michigan, served in Congress from that state, and was President Harrison's selection for the office of Comptroller in 1889.

who up to that time was unknown in the world of fi- /p " nance. The financial panic that followed and the extreme difficulties which beset the treasury department were an extraordinary test of the capacity of the Comptroller in handling the complicated machinery of national finance. It is said that during the first year of James H. Eckels' term of office, there were more national bank failures than during all the twenty years preceding. Mr. Eckels' tact and skill in the management of his office gave him a broad reputation, and towards the close of the presidential term he resigned his office to accept the presidency of the Commercial National Bank. He continued at the head of this institution until his brilliant career was cut short by death, only a short time before the bank was moved to its new home.

resident of Evanston. He was the youngest man _,^ who ever held that office, but his conduct of the business of the office was not only successful but showed unusual ability.

At the end of four years' service as Comptroller, Mr. Dawes resigned and organized the Central Trust Company of Illinois, of which he is now president. This company purchased and occupies the building erected for the Chicago National Bank. The main banking room in this building is pronounced by many to be superior to any in existence.

After the resignation of Mr. Dawes, the president again came to Illinois for a Comptroller of the Currency and William B. Ridgely, a Chicago business man, was appointed, who showed the same quality of ability as his predecessors. Mr. Ridgely held the position about four years, when he resigned to accept the presidency of the National Bank of Commerce, of Kansas City, Missouri. Mr. Ridgely's successor is Lawrence O. Murray, who was also for a time a resident of Chicago.

Three of Chicago's bankers have been called to the position of president of the American Bankers' Association. Lyman J. Gage filled this place in the year 1883, being the fourth to be elected to that position. In 1894 John J. P. Odell was elected. Mr. Odell was then president of the Union National Bank. George M. Reynolds is filling the position at this writing, having been elected October i, 1908, at Denver. Mr. Reynolds, though yet comparatively young in years, has become prominent in the financial world. He is president of the Continental National Bank, of Chicago, which institution has shown rapid growth, having now deposits of about seventy million dollars, with capital $4,000,000 and surplus $2,000,000.

One who was familiar with Chicago's banks twenty-five years ago would look in vain for many of the institutions of that time. As a result of failure, consolidation or voluntary liquidation, the bank directory of Chicago has recorded many changes.

September, 1900. Manufacturers National, 1864, suspended September, 1873. Union National, 1865, absorbed by First National, September, 1900. Merchants National, 1865, merged with Corn Exchange National,

1878. Cook County National, 1871, failed January, 1875. National Bank of Illinois, 1871, failed December, 1896. Central National, 1872, failed in 1877. Scandinavian National, organized May, 1872, and receiver appointed

December, 1872. Hide and Leather National, 1880, purchased by Union National, 1897. Chicago National, 1881, liquidated 1906. Home National, 1882, voluntary liquidation January, 1898. Metropolitan National, 1884, absorbed by First National, May, 1902. Park National, 1886, receiver appointed June, 1890. American Exchange National, consolidated in 1898 with National merged in the Corn Exchange National, September, 1900. Atlas National, 1887, in voluntary liquidation, 1897. Lincoln National, merged in the Bankers National, July, 1900.

The deposits of the Chicago National Bank were by agreement paid by the other banks of Chicago, each bank included advancing amount proportionate with its capital, the banks as a whole being secured by a pledge of sundry collaterals. This plan was reached after an all night conference between William B. Ridgely, Comptroller of the Currency; Capt. W. H. Eubanks, deputy state auditor of Illinois; John R. Walsh and F. M. Blount, president and vice president respectively of the Chicago National, and representatives of the Chicago banks furnishing the money. Like agreement was entered into at the same time to liquidate the Equitable Trust Company and the Home Savings Bank, which were located in the Chicago National building, and practically under the same management, John R. Walsh being president of each of them.

Of the notable failures among the national banks of Chicago, several had points of distinction that make them unique in the history of finance. The Cook County National, which collapsed in 1S75 as a result of the operations of its former president, D. D. Spencer, has been regarded as the most complete failure under the national banking system. The liabilities of the institution aggregated nearly two million dollars, and a considerable portion of the assets did not bring two cents on the dollar. After a receivership of eight years the creditors had to be satisfied with fifteen per cent of their claims. Besides having the most complete failure, Chicago was also the home of the bank which was reckoned as the biggest national bank failure. The National Bank of Illinois, when it suspended in December, 1896. had liabilities of about twenty million. The suddenness of this unexpected failure caused a severe though temporary crisis in financial and business circles.

One of the interesting matters of record of former banks concerns the old Third National, of which J. Irving Pierce was president. At the time the bank suspended, in 1877, it was in a solvent condition, and under the receivership the creditors were paid. Among the assets was some South Side real estate, near the World's Fair district. The real estate enhanced in value until at one time, though the bank was in the hands of a receiver, the stock was worth $150 a share. The real estate was held too long, and the value of the stock afterward was seriously reduced.

Of other national banks now enjoying substantial growth and having a capital of one million dollars and over, is the Fort Dearborn National, which was chartered in May, 1887. H. N. Hibbard was its first president. William A. Tilden is now its president, Nelson N. Lampert vice president, and Henry R. Kent pashier.

The National Bank of the Republic was chartered in 1891, its first president being John B. Mailers, who was succeeded by John A. Lynch, the present official. W. T. Fenton, now vice president, was one of its organizers.

The National City Bank was organized in January, 1907, by David R. Forgan, its president, who for this purpose, resigned as vice president of the First National Bank. ' .

The first report of the auditor, under the new- state banking laws, showed the state banks in Chicago in November, 1889, to be the following:

To this list the followini^ additions were made, in 1890: Chemical Trust and Savings; in 1891. Bank of Commerce, Commercial Loan and Trust Company, State Bank of Chicago. Central Trust and Savings Bank, Industrial Bank, Milwaukee Avenue State Bank, Royal Trust Company, Globe Savings Bank, (harden City Banking and Trust Company, and Homestead Loan & Trust Company.

Most of these banks passed through the crisis of 1893 without change. The Bank of Illinois disappeared from the list, and the Chemical Trust and Savings was changed to a national bank, which failed. The year 1896 was marked by the suspension of the Central Trust and Savings, the Dime Savings, the Globe Savings. In the following year the Bank of Commerce was discontinued, its assets being purchased by the Union National. In 1898 the International Bank was purchased by the Continental National, and the Commercial Loan and Trust by the Royal Trust Company. The Prairie State Loan and Trust Company was merged under the new Prairie State Bank in 1897. In recent years the most conspicuous failure among state banks was the Milwaukee Avenue State Bank, in 1906. The failure was notable not so much for the aggregate loss involved as because the creditors were largely among the poor classes of the northwest side, most of them foreigners.

Of the state banks during the early period of Chicago banking the most influential have been mentioned, but reference should be made to the Old Merchants, Farmers and Mechanics Savings Bank, better known as the "Bee Hive," which was established in 1861, and, after a two weeks' run in 1877, was found to have but sixty-two cents in the vaults. The State Savings Institution went down about the same time. D. D. Spencer, who formerly had been connected with the Cook County National, was president of this institution.

Before the fire of 1871 there were seventeen national and twelve state or private banks in Chicago. The combined capital employed by the national banks was $6,550,000, and by the other banks, $6,950,- 000. The surplus of the national banks at that time was $3,000,000, and the aggregate of deposits in the twenty-nine banks was a little less than $35,000,000.

indicates that while the total banking capital had decreased to a little less than twelve millions, in other respects the banks were in better condition than before the fire, the surplus and undivided profits amounting to about four and a half millions, and the deposits to over forty millions.

From the conditions of Chicago banking as presented by the above figures, it is possible to contrast later growth by comparative statements that seem almost incredible. At the close of 1885 the fourteen national banks alone had deposits of over seventy-one millions, an increase of three hundred per cent since 1872. In 1890 the deposits in state and national banks were $130,224,654. This amount, large as it is, was only a beginning, for in spite of the hard times of the nineties deposits went on growing, shooting above the two hundred million mark in 1897, thence in the following year to three hundred million, in 1903 made a total of half a billion, and in 1907, just before the panic, the combined deposits in the seventeen national and thirty-one state banks then reported equaled over seven hundred million dollars. The capital, surplus and undivided profits of the banks show a corresponding growth. In October, 1893, ^^^^ twenty- four national banks were capitalized at $21,300,000, and had surplus and undivided profits of over fourteen million. The capital stock of the state banks in 1892 was twelve and a half millions, with surplus and undivided profits of six and a half millions. By May, 1905, there was a wonderful increase, especially by the state banks. By that time the thirty-four state institutions had combined capital of $23,750,000, and the profits and surplus were slightly less than twenty millions. The same date found the fifteen national banks represented by $24,600,000 capital, and over eighteen millions in surplus and profits. The growth in capitalization represents concentration rather than aggregation. In 1871 there were seventeen national banks, the same number as in 1907. But in 1871 the national banks had only $6,550,000 capital, while in 1907 the capital was a total of $27,950,000, showing an increase of four hundred per cent on the average for each bank.

Statistics that will indicate the enormous aggregate power of Chicago in finance are contained in the following table of national and state banks, showing the deposits, loans and cash resources of each at the close of business September 23, 1908:

National Banks State Banks

While state banks during the last thirty years have grown, in resources and liabilities, much more rapidly than the national banks in the corresponding length of time, so that the strength of the two classes of banks is now about equal, the savings banks as a special institution have not reached the same status in this city as elsewhere. Savings departments are now features of all state banks. The Hibernian Banking Association originated with the Merchants' Association in 1867, and was chartered the following year. John V. Clarke was founder of both institutions, and guided the Hibernian Bank through the hard financial years of the seventies when several other savings institutions failed, and remained president of the bank until his death in 1892. He was succeeded by his son, John Vaughan Clarke, who is still president of what is claimed to be the oldest savings bank of Chicago. Its deposits amount to $20,000,000.

To do justice even in a measure to a history of banking and finance in Chicago, would fill many books. In this review, we are expected to cover but a part of a book, in fact, but a limited number of pages.

banks have been started and are meetine: with success. Six institutions at this time are adjoining the stock yards and depending upon that class of business principally. In other sections of the city outside of the central district, there are a number of banks, usually with $200,000 capital, but a review of them is not possible here. A number of state banks in Chicago in the central district, under capable management and having a capital of $1,000,000 have interesting histories certainly worth more than a passing notice, were the space permitted; notably, the Union Trust Company, organized in 1869 by Samuel Rawson, who, as president, is succeeded by his son, F. H. Rawson, showing thirty-nine years of continued success ; also the Western Trust and Savings Bank, successor to a banking business established in 1873, reorganized and successfully managed by J. E. Otis and Walter H. Wilson, president and vice president respectively.

In 1879, Haugan and Lindgren, then young men, started a private bank in a small way, with a few thousand dollars capital. From this plant, the State Bank of Chicago was incorporated and has grown to be one of the strong institutions of the city, having $1,000,000 capital, $1,000,000 surplus and deposits of $19,000,000.

The American Trust and Savings Bank, organized in 1889, has shown large growth in the handsome new bank building and under the direction of President Edwin A. Potter.

Foreman Bros. Banking Company, with $1,000,000 capital, $500,- 000 surplus, and a successful business, enjoys the unique distinction of having but three stockholders, Edwin G. and Oscar G. Foreman owning 4,950 shares each, and Geo. N. Neise, cashier, 100 shares.

N. W. Harris is the pioneer in dealing in high-grade bonds with unbroken eminent success and for years a recognized leader. His business was incorporated in 1907, in the name of Harris Trust and Savings Bank.