As plans for the 1893 Worlds Fair proceeded, congress provided that any National bank in the City of Chicago could open and operate a branch on the exposition grounds. Chemical National Bank of Chicago obtained permission to establish a branch on the fair grounds. On May 9, 1893, eight days after the exposition opened, this bank failed. The exhibitors, concessioners, visitors depended on this bank. Many were from overseas. Shortly after the failure, Harlow Higinbotham, President of the exposition and an original director of The Northern Trust Company, proposed that the bank take over the Chemical Banks operations. Byron Laflin Smith, President of The Northern Trust, less than enthusiastically took it under consideration and agreed to open a Worlds Fair branch if invited and the Fairs directors approved. On June 12, 1893 the branch opened in the Administration Building. The branch manager, E. C. Jarvis continued in his job. Shortly after the opening, a second office was opened on Cairo Street, but thats another story. The most lasting effect of the operation was the opening a foreign department at The Northern Trust. Mr. Jarvis remained with the bank until he retired in 1922. The attached photos are of an envelope in my possession sent from the exhibition office in the Administration Building to Venice Italy on August 19, 1893. The upper left stamp is a commemorative stamp of the exposition. The Administration Building housed the office of the bank.
Posted on: Fri, 09 Jan 2015 04:46:02 +0000
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