Finance History | Northern Trust — Seven Accounts in the Rookery
· 1889-8
Unreviewed contributionBy kevin · · Report an issue
Find memories left by people near you.
Distribute Bounty
This will distribute the bounty equally among all qualifying memories. This action cannot be undone.
Cancel Bounty
Are you sure you want to cancel this bounty? The remaining amount will be refunded to your account.
Success!
Operation completed successfully.
Error
Something went wrong.
Finance History | Northern Trust — Seven Accounts in the Rookery
kevin
People treat Northern Trust as a LaSalle Street custody tower that always sat behind a granite facade.
The first room was rented inside someone else's building.
On 12 August 1889 Byron Laflin Smith opened The Northern Trust Company on the second floor of the Rookery Building at Adams and LaSalle.
Six staff took seven accounts and $137,981.25 in deposits on the first day.
Smith put up 40 percent of the original $1 million capital.
The first twenty-seven shareholders included Marshall Field, Martin A. Ryerson and Philip D. Armour.
The product was a trust bank for Chicago money that did not want a commercial bank's loan book.
The company later built its own house at 50 South LaSalle Street, opened in 1905 to a Frost and Granger design, and added a Cesar Pelli tower to the west in 1965.
The listed parent still files from that block.
The mechanism is the one Smith sold in 1889: hold the estate, keep the cash, and stay out of the businesses that produced the fortune.
Photo: the Rookery Building from the public sidewalk on LaSalle Street, via Wikimedia Commons.
_thumbnail.jpg)
_thumbnail.jpg)
_thumbnail.jpg)
changes?
delete this memory?
We detected that you have a Blox in your crypto wallet! We will import the Blox into your account.
Click on done below to complete the import.
Welcome Back!
Sign in to preserve cherished moments
Don't have an account?
Welcome!!
Sign up and start preserving cherished moments
?
?
Choose your payment method
Buy with Metablox Credit
Do you want to mint Blox with Metablox Credit?
Which Crypto would you like to use?
Purchase Confirmed!
Your Blox is being minted on-chain and will appear in your profile shortly.
Log in or sign up to claim your Blox.
How many credits do you want to buy?
$100 USD = 1 Metablox Credit = 1 Blox.
Use Metablox Credit to mint any Blox you want on the map.
expand_more