the most important financial undertakings of the day. The Continental and Commercial National Bank has a capital of $25,000,000, a figure surpassed by no bank in America and equaled only by two, both of which are in New York City. The city has, in all, 150 banks; of these 27 are National and 123 State institutions. They have a capital of approximately $125,000,000 and surplus and excess profits of about $113,000,000. No other city in the country, except New York, has larger resources, although the banking history of Chicago dates back only to 1837 when the first bank charter was issued.
Not only has the number of banks in the city increased rapidly in recent years but the size of the individual institutions has grown remarkably. In addition to the Continental and Commercial National, already mentioned, the First National has just increased its capital to $12,500,000 and a great new bank, or rather two associated banks, is in process of formation, being the consolidation of the Corn Exchange National, the Merchants Loan & Trust Company and the Illinois Trust and Savings Banks. These will be called the Corn Exchange National and the Illinois Merchants Trust, the latter being the State bank.
Chicago banks in 1920 had out in loans and discounts the sum of $1,575,640,158. Deposits stood at $1,825,576,473. Of these deposits $443,840,093 is represented by savings accounts. The total assessed realty valuation of Chicago in 1920 was $1,653,171,362. The net funded debt (less sinking fund) was $53,624,924. The annual budget was $131,943,672. The tax levy was $84,973,008. Cash resources were $514,770,161.
Education.—Chicago had in 1920 305 public schools with 377,058 pupils and 8,558 teachers. It has numerous universities and colleges of high rank, its two largest, the University of Chicago and Northwestern University, having more than 15,000 students. The city is a great medical school center, containing some of the highest rank in the country. It has very many special schools of all kinds and the art school of the Art Institute of Chicago is one of the largest in America.
The city's progress in education has been as rapid as its development along other lines. Thus, in 1841 the public school enrollment was only 410 and the teachers numbered 5. In small parks and play grounds which are closely connected with the school system of the city, Chicago is unsurpassed by any American city.
The University of Chicago, founded in 1890, now has an endowment of $30,000,000 while its total assets in land, buildings, and securities exceed $50,000,000. Northwestern University, a much older institution, was organized in 1850. It recently has undertaken a campaign to raise $25,000,000, a part of which will be used to create a magnificent educational center for its medical and other professional schools on the lake shore.
Chicago is particularly proud of its libraries. Chief among them from the popular point of view is the public library, which was started in the years following the great fire of 1871 with books sent from England. The library now contains more than a million books with an aggregate circulation during the last fiscal year of 995,000 volumes, This does not include books on the open shelves or books consulted in the reference rooms. The calls for books in reference use numbered 744,991 during 1919.
The Newberry is a free reference library including in its scope books on history, literature, religion, philosophy, biography, language and the fine arts. The library has undertaken the task of photographing entire series of rare books in some of the great European libraries, thus bringing to American students a mass of material hitherto beyond their reach.
Another of Chicago's great libraries is the John Crerar, a reference institution chiefly scientific and technical, and containing 400,000 books, 150,000 pamphlets and an immense number of maps and periodicals. Its collection of works on labor and the American labor question is one of the finest in the country. Its largest section is that of medicine.
The Harper Memorial Library at the University of Chicago includes more than 500,000 books. Other important libraries in the city are the Ryerson at the Art Institute, the Chicago Historical Society, and that of the Field Museum of Natural History.
Chicago has many important musical institutions, including the Grand Opera Association and the Symphony Orchestra, founded by Theodore Thomas. Among other leading musical organizations in the city are the Apollo Musical Club, the Civic Music Association, the Mendelssohn Club, the Musicians' Club and the Glee Club of the Chicago Association of Commerce.
Public Buildings.—The total number of churches, chapels and missions in Chicago is 1,200. Its resident church dignitaries include a Roman Catholic archbishop and bishops of the Method-
