17230. Fidelity National Bank (Cincinnati, OH)

View Charter #3461 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3461
Charter Number
3461
Start Date
June 14, 1887
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini
Short Digest
b879bde3

Response Measures

Full suspension, Books examined

Other: Officers arrested; receiver appointed; suits filed later by creditors/receiver.

Receivership Details

Depositor recovery rate
60.0%
Date receivership started
1887-06-27
Date receivership terminated
1909-10-30
OCC cause of failure
Fraud
Share of assets assessed as good
41.9%
Share of assets assessed as doubtful
15.6%
Share of assets assessed as worthless
42.5%

Description

Newspaper reports in June 1887 describe alarming dispatches/rumors and withdrawals (a run/large drains by country correspondents), followed by a government bank examiner closing the doors and appointment of a receiver (John R. DeCamp / Receiver Armstrong). The institution did not resume normal operations and was wound up under a receiver; criminal charges were filed against officers. I classify this as a run that led to suspension and permanent closure. OCR errors in some articles (e.g., spellings Harper/Wiltshire, DeCamp/DeCamp/DeCamp variations) were corrected for clarity.

Events (5)
1. February 27, 1886 Chartered
Source
historical_nic
2. June 14, 1887 Run
Cause
Rumor Or Misinformation
Cause Details
Numerous dispatches/rumors reported a run on the Fidelity, prompting country correspondent banks and depositors to withdraw balances; articles explicitly cite abundant telegrams and speculative dispatches alleging a run.
Measures
Some country banks transferred balances away; clearing house drains noted; bank and officers reportedly attempted reorganization but withdrawals continued.
Newspaper Excerpt
there were fifty or more telegrams received on 'Change today saying wheat was weakening in consequence of a reported run on the Fidelity bank
Source
newspapers
3. June 21, 1887 Receivership
Newspaper Excerpt
the appointment of Mr. John R. DeCamp ... receiver, and he was placed in charge of the bank's affairs; later referred to Receiver Armstrong in subsequent reports as receiver handling litigation and collections
Source
newspapers
4. June 21, 1887 Suspension
Cause
Government Action
Cause Details
Bank examiner announced impairment of resources and government took charge; doors closed and policemen guarded entrance; receiver appointed to wind up affairs.
Newspaper Excerpt
The Fidelity National Bank was closed this morning by order of the Government ... A receiver has been appointed
Source
newspapers
5. June 27, 1887 Receivership
Source
historical_nic

Newspaper Articles (23)
1. June 15, 1887 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, June 15, 1887

Click image to open full size in new tab

Article Text

ARE AFFECTED. CHICAGO, ILL, June 14.-Lyman J. Gage, vice-president of the First National Bank, was asked as to the possible effect of the break in wheat upon the banks. He said loans on grain were always made with margins large enough to make them absolutely secure. For this reason any effect upon the banks would be slight indeed. Similar views were expressed at the other banks, President Walsh of the Chicago National adding that one result would be the release of a quantity of money that had been tied up in wheat. It is generally understood that the local banks have been loaning money freely to clique operators on wheat at 70 cents per bushel, believing that figure to be far below the actual value of wheat. At the close of the afternoon session of the board of trade to-day the following amendment was read: "Gentlemen, we have assurances of ample funds to meet all claims on us by to-morrow morning and request that no business with us be closed out. Respect C. J. KERSHAW & Co." fully, This firm will be recognized as the leading brokers for the clique. The announcement did much to strengthen the feeling at the close of 'change, and it is believed that the banks-in order to protect themselves-have come to the assistance of Kershaw in order to prevent a further decline to-morrow. THE CINCINNATI CLIQUE NON EST. CINCINNATI, OHIO, June 14.-The very general impression that Cincinnati furnished a large part of the clique which will be charged with making the Chicago wheat deal turned attention in this direction to-day. in When the panic in wheat Chicago developed, very strangely, the Cincinnati members of the clique vanished from all attempts to locate them. Mr. J. W. Wilsher, who has been publicly named as one of the mysterious number, flatly declared, when asked for information as to the cause of the trouble, that he knew nothing about it. If he was so deeply interested, as charged, he gave no sign, and went riding as usual when change hours were over. Others who were suspected of being in the deal were probed. One of the leading men of the supposed clique said he did not believe Cincinnati men were in it, that it was made of operators in California and Cleveland. Whatever the truth may be there is no sign of any suffering here. Outsiders who have opportunities of knowing, say that the clique was not caught deeply in July wheat, and that it is practically settled. A prominent broker being asked his opinion of the truth of the charges made by Rosenfeld & Co. that their Cincinnati members of the clique had not furnished money today, said it was more likely that the market was broken in Chicago by lying about Cincinnati banks. I "Why," said he, "there were fifty or more telegrams received on 'Change today saying wheat was weakening in consequence of a reported run on the Fidelity bank, or wheat was weak on accoant of weakness in Cincinnati banks." Those dispatches were so abundant as to indicate that there must have been some concert of action in the matter. This theory is strengthened by the reports received by the Fidelity Bank to-

2. June 21, 1887 The Waco Daily Examiner Waco, TX
Article from The Waco Daily Examiner, June 21, 1887

Click image to open full size in new tab

Article Text

RUINED OPERATORS. BY COFFEE NEW YORK, June 20. Benjamin G. Arnold and Francis R. Arnold, composing the firm of Arnold & Co. coffee dealers, assigned today to W S. Jarvis. BY WHEAT. CHICAGO, June 20.-Charles J. Kershaw today filed bills in the supreme court against his partners, Messrs. Deware and Eggleston. The bills ask to have the copartnership dissolved and an accounting order granted and 8 receiver appointed, The court appointed F. B. Weare receiver. and that gentleman filed 21 $50,000 bond. EFFECT OF WHEAT. NEW YORK, June 20-1 pon an attidavit made by Alexander Long, the Bank of Montreal obtained from Judge Donahue of the supreme court an attachment in this state against the Fidelity National Bank of Cincinnati. It Was procured in the suit instituted to recover $300,000. the value of two checks. A $100,000 check, drawn by the Fidelity bank at Cincinnati June 11 payable to the order of W. Wilshire at the Chemical National bank ofthis city and endorsed by payee to J.W. Hoyt and Irwin Green & Co. came into possessron of the National bank with another similar check. The checks were presented for payment at the Chemical bank but were protested; hence suit and attachment. BY COTTON. Philadelphia, June 20.-Sloan & Sons, cotton dealers, who have 808pended rayment expect to present a statement oftheir creditors in 8 few days. They were obliged to close doors on account of the insolvency of the Washington Manufacturing Co., whose paper it had endorsed to the extent, it 18 said, of $250,000. The liabilities of Sloan & Son in addition to this are $100,000. The firm's assets will be snfficient to cover the latter amount. A director of the Washington Manufacturing company said today that he believed the company would pay dollar for dollar. For twenty-five cents, you can get Carter's Little Liver Pilla the best

3. June 22, 1887 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 22, 1887

Click image to open full size in new tab

Article Text

CAUGHT IN THE WHEAT DEAL. The Fhielity National Bank of Cincinnati in a Receiver's Hands. CINCINNATI, O., June 21.-The Fidelity National Bank was closed this morning by order of the Government through its rep. resentative. Mr. Eugene Powell. A meet ing of the Board of Directors was called at o'clock this morning and is now in session. No mesns of ascertaining their action exiate. The doors of the bank are closed and policemen within and without guard the entrance against everybody except persons having bueiness with the safe deposit department of the bank. The sidewalks are lined with people in the vicinity, who are quietly discussing the situation without oven knowing that a Government Bank Examiner has been here or that the doore are closed by Government authority. No notice has been posted and the only information given at the door is, that the doors are absolutely closed to everybody except persons hav ing property in the Safe Deposit vaults. One irate depositor created a scene by forcing himself half way into the door, where he received a heavy blow in the face from some one inside, and was finally taken away by the officers. He said he left his money and his bank book in there yesterday, and he wanted at least his book. Nothing at all is known yet of the action of reorganization, 88 suggested by leaving out the three officers named in these diapatches last night. It will be the duty of the directors to make this change if it is made at all. One of the officials of the bank this morning assured friend who had entrance to the Safe Deposit vaults that the bank would pay every dollar it owed. The general feeling has been that the bank is strong enough, but 8 feeling of mistrust has become engendered from various causes against a few of the officers. A RECEIVER APPOINTED. It is now stated that the Director's have determined upon the appointment of a receiver to take charge of the businees and an effort is being made to obtain one. Mr. Griffiths, of the Citizens' National, has been suggested, but it is thought he will not accept. The Directora' meeting has closed, but the doors still remain impassable, being guarded by a doorkeeper and policeman within, and several policemen on the outside. The crowd has all gone, and aside from the policemen at the door, and the few knots of people along the equare discussing the situation, there is nothing to indicate the occurrence of anything more than usual. At the meeting of the directors this morning Mr. Powell, the Bank Examiner, announced that owing to impairment of the bank resources, the Government would take charge of it and would appoint a receiver to wind up the business It is said, unofficially, that the alternative was given of continning in business by a reorganization, which would have out Vico President Harper, Cashier Baldwin, and Assistant Cashier Ben E. Hopkins, but that the Directora were unable to agree upon such a plan, or were unwilling to take the risk of a rnn following the interference of the Government. The outcome, however, as the appointment of Mr. John R. DeCamp, Vice Preaident of the Metropolitan National Bank, receiver, and he was placed in charge of the bank's affairs. It is now stated that the clearing house settlements of the past few days have shown an unusual drain on their resources. Besidea this, many banks have kept their checks out of the clearing house as a favor There are numerous rumors afloat concerning the cause of the action of the Bank Exchange. Vice President Harper, who has borne a heavy strain for the past week, was much distressed this morning, calls himself ruined man and is in a high state of excitement. A conservative director says it is his opinion that the depositors will get their money in full.

4. June 22, 1887 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, June 22, 1887

Click image to open full size in new tab

Article Text

GENERAL NEWS. Collapse of the Fidelity National Bank. INTER-STATE COMMERCE LAW. The Railway Commission Overhauling the Affairs of the Union Pacific. Associated Press Dispatches to the HERALD. CINCINNATI, June 21.--The Fidelity National Bank closed this morning. bank the officials This is the of heavily which have been credited with being involved in the collapsed Chicago wheat deal. It is understood that the bank examiner has notified the directions that the speculative officials would have to leave. The investigation into the bank's was by one but when he est affairs stockholders, prompted of demanded the collater- larg sight of the securities and loan als two weeks ago, President Harper refused to let him see them. A govern- The ment investigation followed. police are guarding the door of the bank. A RECEIVER APPOINEED. bank examiner has announced bank's The owing to impairment of the take that, the government would resources, of the bank. John R. Decamp, Na. charge President of the Metropolitan receiver Vice Bank, has been appointed It is tional the business of the bank. settleto close stated up that clearing-house have shown now for the past few days resources. ments unusual drain on the bank's kept an this, many banks have a favor. their Besides checks out of the clearing-honee as THE BANK'S BOOKS. has been ascertained that the lia of the It of the bank, exclusive indibilities stock, are about $5,500,000 0.1 capital vidual deposits are about $2,500,00 SERIOUS CHARGES. Union National Bank of Gieve- in atThe afternoon brought suit land the Fidelity recover $67,331.44, had tachment this to against asserting National Bank the defendant corporation incurred the that fraudulently and which criminally suit has been 4 o'clock this affidavits drawn obligation brought. under At for by Attorney Assist- afternoon States District Howant sworn United to by Bank Examiner went to the and ell, a deputy Bank and marshall arrested Vice- Ammie Presi Fidelity L. Harper, Cashier Benjadent F. and Assistant Cashier taken be Baldwin, They were E. States their min United Hopkins. Commissioner bonds for Hoop- fuer, fore where they gave Mr. Harper's other bond two ture was fixed appearance. at $75,000, and the at each. The $10,000 affidavit against about Harper June charges 15th that he "did and on wilfully or misapply National funds unlawfully the Fidelity and credits of and did issue sentiti- of Bank Association deposit without the authority and cates directory of of said association one certifiwith and one the intent deferred, to wit: for $200,000. cate for against the date charge, a draft papers a The similar affidavit $300,000 fixing and Baldwin makes him for at June 13th Hopkins' and affidavit June charges 13th un$10,000. with having on on about draft or certifilawfully cate to wit: of deposit $400,000, issued association. a for certain with large intent sums These of of of defraud- money, affida- secfollow the States Statutes. 5209, described tion vits ing said United language therein for is Imprisonment The penalty in the years penitentiary nor more than not five action by the govern- having ten. authorities This bond is regarded as of eviment after the discovery and finds been taken sufficient to justify it, although it dence very general honored commendation, business transaction men that to that the wheat referred there appears is no to doubt relates to the recent deal in Chicago.

5. June 22, 1887 The Palatka Daily News Palatka, FL
Article from The Palatka Daily News, June 22, 1887

Click image to open full size in new tab

Article Text

Erie Texas Pacific 396 324 East Tennessee 1314 l'enn Coal & Iron. 3814 Lake Shore Union Pacific 981/2 60% Louisville & Nash. 671/8 New Jersey Cen 804 Memphis & Char... 58 Missouri Pacific. 107 Mobile & Ohio 1396 Western nion. 7734 Cotton Seed Oil Tr.. 50 *Asked. +Bid. The renewal of panicky feeling in the Chicago market was supplemented to-day by closing the doors of the Fidelity Bank of Cincinnati. With these influences in their favor and the market lacking stimulus of moderate buy ing orders from London, usual of late, the bearish room traders hammered prices all around the room throughout almost the entire day Trading, which was dull and feverish. was more purely local than has been seen for some time. Late in the day advices were received that the Fidelity Bank would resume business shortly, and coal stocks, aided by the advance in price of coal in Philadelphia, led to a general recovery, buying of Reading being especially heavy in the last hour. Pacific Mail was special object of attack in the early morning, and did not recover the loss. Trading in the last hour was the heaviest of the day. and all the active stocks shared in the improvement, most of them being carried to the heaviest figures of the day. Specialties were unusually quiet and featureless. The opening was weak at declines from yes. terday final figures, ading to one-half per cent, and under the lead of Pacific Mail, which dropped 14 in the first fifteen minutes, further fractional declines were made in the general list. After the first half hour the market relapsed into extreme dullness, although a heavy tone continued until noon. After that time there was a change for the better in tone and speculation, although no feature was developed until the last hour, when decided strength was shown by the entire list, and Reading vanced 11/4 per cent. Total sales were 196,000 shares. Net result of the day's business is that prices are irregularly changed, although the differences are for fractional amounts only, except for Reading, which is up 11/2 per cent. Cotton. NEW YORK. June Greene & Co's report on cotton futures says "It has beena feverish market all day, and while cost on the old erop ranged to 10 points at times the advance was not maintained, and the early gain was due in great measure to manipulation on the part of the "bull" combination, through which local scalpers on the "short" side were induced to cover, but during the afternoon buy ers became scarce and there was a reactionary feeling. There was failure of a Cincinnati bank and the break here in wheat and coffee, coupled with the indifferent demand for spots, all appeared to earry more or less reflected influence. The erop was firm in the morning. but afterward eased somewhat under better weather reports. Afternoon report Cotton Net and gross reeipts, 3,035. Futuresclosed steadp; sales, 11 Jnue, 10 76@10 78 July 10 78 August, 10 83 @ 10 84; September, 10 45@10 46 October, 10 02 @10 03 November. 9 85@9 86 December, 9 84@9 85; January, 9 89@9 90 February, 9 96 @997; March, 1003@ 10 04; April 10 11@10 Cotton quiet; sales today 163 Middling Uplands, 11; Orleans 11 3-16; net receipts, 324; exports to Great Britain 669; to the Continent, 1,117; stock, 297,581. GALVESTON, June 21. Cotton nominal: middling, 10 9-16; net receipts, gross, -; sales, 67: stock, 5,739; exports coastwise, NORFOLK, June 31. Cotton quiet: middling. 11: net receipts, 3 gross receipts, 3: sales, stock, 3,048; exports coastwise, 38. BALTIMORE, June 21. Cotton firm mid dling, 11% net receipts, gross, sales, stock, 3,254; exports to Creat Britain, coastwise, BOSTON, June 21. Cotton quiet middling, 11½; net receipts, 86; gross receipts, 340 sales, none; stock, exports to Great Britain, WILMINGTON, June 21. Cotton firm middling, 11 net receipts, 2: gross receipts, : sales, none; stock, 1,603; exports coastwise PHILADELPHIA, June 21. Cotton quiet: middling, 11%; net receipts, gross receipts, stock, 13,875; exports to Great Britain, SAVANNAH, June 21. Cotton firm middling, 10% net receipts, 28; gross, 28 sales, : stock, 3,229; exports coastwise, NEW ORLEANS, June 21. Cotton dull middling, 10 11-16; net receipts 181; gross receipts, 181: sales, 750; stock, 89,030; exports to Great Britain, to the Continent, coastwise, none. MOBILE, June 21.- Cotton easy; middling, 1034: net receipts, 2: gross receipts, = sales, i stock, 382: exports coastwise, MEMPHIS, June 21. Cotton quiet middling, 104 net receipts, 63; gross receipts, 64; shipments, 125; stock,"8,190. AUGUSTA, June 21. Cotton quiet; middling, 10 15 16; net receipts, 10; gross receipts, sales, CHARLESTON. June 21. Cotton quiet but firm middling, 10%; net receipts, = gross receipts, 2: sales. stock, 724; exports coastwise, General Markets. CHICAGO, June 31.-An oppressively weak feeling prevailed in wheat at the opening, and traders were feeling decidedly blue July opened 3/4e lower at 69%, but some little effort was made to sustain the market, and a few minutes later July was selling at 69%c. The support was only temporary, however, and bank wheat being put on the market, July soon reacted to 69%, around which figure it held steady during the first hour of the session. At the end of that time "tailers" found they had sold themselves short, and began to cover, and July went up to 70% under this influence. Marketing bank wheat again caused July to ease back to 60% There was no let up in sales of wheat for account of banks to-day, and realizing continued straight up to the close of the session. The effect of the general selling was to break wheat from 6916 to 6834 for July, the latter figure being reacted about noon at bottom price. There were many good buying orders, and the reaction sent the price of July up to 69%, at which the morning session closed. Heavy exports from seaboard and covering by short interest made the afternoon market stronger. July sold up to 70% and closed at 20. Fluctuations in June were not very marked. It opened at 68% and 69. and closed at Corn was moderately active, with feeling somewhat unsettled. Prices were generally weak and lower. Trading was largely local and offerings were quite free, but the demand was very light. The weaker feeling which prevailed in the wheat market during the earlier hours of the session also had a depressing effect on corn. July opened at 36 and sold down to 351/4, but in ympathy with wheat during the afternoon session reactted, closing at 364 Oats were dull and weak. There was little speculative interest centered in the market; July opened 1/20 lower at 251/4, sold down to 25. and closed at the opening figure. Quite an active speculative business was transacted in the provision market, but the feeling was greatly unsettled. and prices ruled weak and lower. Offerings were quite liberal, while the demand was only fair and mainly from parties who covered outstanding contracts at a profit. Receipts of hogs were light, and prices ruled higher, but nervous feeling in grain markets had considerable effect on prov isions. July lard opened at $6 25, sold up to $6.30 and down to $6.25, closing at the opening figure. July spare ribs opened at $7.3216, sold up to $7.35 and down to 10, closing at $7.27% Cash quotations wereas follows: Flour ruled quiet, with prices steady at former quotations. No. 2 Spring W heat, 683/4e No. 3 Spring Wheat, No. 2 red. 74. No. 2 Corn. 35360 No. Oats, 24½. Mess Pork, $2. Lard, $6.200 $6.25 Short rib sides, loose, $7.20. Dry salted shoulders, boxed, $5.60@5.70. Short clear sides, boxed, $7,55@7.60. Whisky, $1.10. Leading futures closed as follows: Wheat June, 69 July, 70: August. 74%: Corn June, 35½; July, 361/4 August, 37% Oats, June, 2434; July, 44; August, 25% Mess Pork June, $150 Lard June, $6.25 : July $6.25; August, $6.35. Short Ribs June, $7.27%: July. $7.2736; August, $7.3714. NEW YORK, June 21.- Southern Flour dull and heavy common to fair extra. $3.40 good to choice do. $4 10@5. 10. Wheat No. : red, 88@924: June, 87@94; July, August, 3@85. Corn 1/4e lower No. = 4614; June, nominal: July, 4616@40%. Oats a shade lower No. = 33½: No. June, 33@33%: July 3440 32% Hops quiet and steady Coffee fair Rio nominal at 1814: No. Rio July, $16 75: Angust, $16.25@16.95; September, $16.50617.05. Sugar steady and quiet Molasses steady -one cargo 50 test, 1916. Rice firm. CottonSeed Oil, 240 for refined; crude nominal. Rosin dull at $1.234@1.274. Turpentine dull and weak at 34½. Hides quiet and steady wet salted New Orleans selected, 45 and 60 pounds, 9½ 10 Texas selected, and 60 pounds, 10. Wool

6. June 22, 1887 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 22, 1887

Click image to open full size in new tab

Article Text

CONDITION OF THE MARKETS A Decidedly Weak Feeling in Wheat, with the Price Below Seventy Cents. Dorn Moderately Active, Accompanied by a Weak and Unsettled Feeling-Oats Dull and Weak-Provisions Weak and Lower. MONEY, BONDS AND STOCKS. a Combination of Circumstances Favors the "Bear" Element NEW YORK, June 21.-Money on call was asy at 4@7 per cent, closing at 6 percent. bid. Prime mercantile paper, 5a6 per cent. Sterling exchange was dull but steady at 14.83% for sixty-day bills and $4.843 for demand. The total sales of stocks to-day were 196,853 shares, including the following: Delaware, Lackawanna & Western. 9,100; Erie, 10,230; Lake Shore, 6,230; Louisville & Nashville, 3,700; Northern Pacific, 5,700: Pacific Mail, 11,975; Reading. 71.220; St. Paul, 9,410; St. Paul & Omaha, 3.580: Union Pacific, 5,650; Western Union, 9,697: Wheeling & Lake Erie, 3,750. The renewal of the panicky feeling in the Chicago grain market was supplemented to-day by the closing of the doors of the Fidelity Bank of Cincinnati. With these influences in their favor and the market lacking the stimulus of the moderate buying orders from London usual of late, the bearish room traders hammered prices all around the room throughout almost the entire day. The trading, which was duli and reverish, was more purely local than has been seen for some time. Late in the day advices were received that the Fidelity Bank would resume business shortly, and the coal stocks, aided by the advance in the price of coal in Philadelphia, led of general recovery, the buying of Reading being- especially heavy the last hour. Pacific Mail was the special object of attack in the early morning. and did not recover the loss. The trading in the last hour was the heaviest of the day, and all the active stocks shared in the improvement, most of them being carried to the beaviest figures of the day. The specialties were nusually quiet and featureless. The opening was weak. at declines from yesterday's final figures, extending to 1 per cent., and under the lead of Pacific Mail, which dropped 14 in the first fifteen minutes, further fractional declines were made in the general list. After the first half hour the market relansed into extreme dullness. although the heavy tone continued until noon. After that time there was a change for the better, although no feature was developed until the last hour. when decided strength was shown by the entire list and Reading advanced 11 per cent. the transactions for the hour exceeding the business of the remainder of the day in that stock. The net result of the day's business is that prices are irregularly changed. although differences are for fractions only, except Reading, which is up 11. Railroad bonds were insufferably dull; sales only $762,000. The tone was moderately firm and prices generally show insignificant advances. Government and State bonds were dull and steady. Closing quotations were: Three cent hands IT. V & C 651g

7. June 22, 1887 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 22, 1887

Click image to open full size in new tab

Article Text

ST. PAULTRUST COMPANY, Cor. Jackson and Fourth Sts. 800 boxes of convenient sizes for Safe Deposit Vaults. rent and low rates. FINANCIAL. New York. NEW YORK, June 21.-Money easy at 4@5 per cent, closed at 5 bid. Prime mercantile paper 5@6. Sterling exchange dull but steady at $4.83% for sixty day bills and $4.84 for demand. The renewal of the panicky feeling in the Chicago grain market was sup plemented to-day by the closing of the doors of the Fidelity bank, of Cincinnati. With these influences in their favor and the marked influences and the market lacking the stimulus of the moderate buying orders from London usual of late, the bearish clique hammered prices all around the room throughout almost the entire day. The trading, which was dull and feverish, was more purely local than has been seen for some time. Late in the day advices were received that the Fidelity bank would resume business shortly and the coal stocks, aided by the advance in prices of coal in Philadelphia, had a general recovery. The buying of Reading being especially heavy in the last hour. Pacific Mail was the special object of attack in the early morning and did not recover the loss. The trading in the last hour was the heaviest of the day, and all the active stocks shared in the improvement, most of them being carried to the heaviest figure of the day. The specialties were unusually quiet and featureless. The opening was weak at declines from yesterday's final figures, extending to 1/2 per cent. under the lead of Pacific Mail, which dropped 18/4 in the first fifteen minutes; further fractional declines were made in the general list, and after the first half hour the market relapsed into extreme dullness, although the healthy tone continued until noon. After that time there was a change for the better, although no feature was developed until the last hour, when decided strength was shown by the entire list, and Reading advanced 11/4 per cent. the transactions for the hour exceeding the business of the remainder of the day in that stock. The net result of the day's business is that prices are irregularly changed, although differences are for fractional amounts only, except Reading, which is up 11/2. Railroads were insufferably dull; sales only 762,000. The tone was moderately firm and prices generally show insignificant advances. Government bonds were dull and steady. State bonds were dull and steady. The total sales of stocks to-day were 169,580 shares, including Erie, 13,230; Lake Shore, 238; Louisville & Nashville, 3,700; Northern Pacific, 5,700; Pacific Mail, 1.975; Reading, 71,220; St. Paul, 9,410: St. Paul & Omaha, 3,580; Union Pacific, 5,560; Western Union, 9,670; Wheeling & Lake Erie, 3,770.

8. June 23, 1887 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 23, 1887

Click image to open full size in new tab

Article Text

METIOD: OF BUSINESS Pursued by the Bank-Country Correspondonts in Danger-Value of Stock. CINCINNATI, June 22.-The Enquirer says of the Fidelity bank: 'From the start the bank commenced to do 8 wonderful business; but it was a business which profited it nothing. Other banks paid for the deposits of country banks 2 per cent. This bank paid 21. Other banks charged for collections. This bank did not. Other banks sold exchange. This bank gave it away. This bank had no income whatever save from discounts, and it discounted comparatively little. It was deposits that it was after. It secured a vast deposit list. Mr. Harper WAS supposed to be our greatest financier. He WRS credited with having made a million in an ancient Chicago wheat deal. Money flowed in. The business was immenso, but it paid nothing. There have been questions since whether Mr. Harper made anything at all upon his ancient Chicago wheat deal. Suddenly, in the flush of its prosparity, it occurred to the Fidelity to enlarge its capital from $1,000,000 to $2,000,000. It 8 placed some of it round about by personal e solicitation. In many casea it sold its stock for n single-name, note, accepting the stock itself as collateral. This was an absolute violation of the National Banking law. It in more than doubtful if the notes can be collected. The great bulk of the stock was taken by Mr. E. L. Harper. He held, in his own name, 2,312 shares. In the name of one of his employes, Mr. Matthews, he held 1,709 shares. In the name of another employe, Mr. Gahr, he held 1,170 shares. He had, in addition, other holdings not quite 80 manifest upon the surface. It 18 matter of general knowledge that Mr. Harper was the bank, and that the bank was Mr. Harper." COUNTRY BANKS IN DANGER. The bank has been doing a very large business, and the detention of its mail may cause some serious embarramement to other banks, and the Comptroller of the Currency has been applied to to allow its immediate distribution. The deposits of country banks which kept accounts with the Fidelity, according to the last state. ment was over $3,000,000; just how much of this has been withdrawn can not be stated, as many banks which ordered the Fidelity to remit their balances to New York, and had received advices from Ammi Baldwin, cashier, that the money had been remitted as ordered and the same charged to their account, have found that when they began to check upon such balances in Now York no such balances were there, And that the funds had never been remitted by the Figelity as stated. e The far reaching effect of this action, or e rather inaction, will cripple many country banks no doubt, if it ia not the cause of failures. There is such an intimate connection among correspondent banks of 6 this kind that they bear the relation to each other as brick in a pile on edge-a slight push will send the entire row flat. But, as has been intimated, very many country banks have transfere red balances from the Fidelity to other local banks, and such as have done 60 are safo. On last Tuesday week y the entire local business community e was flooded with diepatches from Chicago, 0 New York and various other quarters eak ing if there was a run ou the Fidelity Na 8 tional Bank, and other such alarming ques tions. These dispatches, and other machinations of speculative persons appar o ently equally unscrupulous HS the Fidelity o trio have proved to be, created an alarm which amounted to quiet 8 run on the o Fidelity of its country bank correspon. denta. On lant Tuesday the Clearing house balance upon the Fidelity was $150,o 000, and of each succeeding day it WAS of about equal amount, until Friday it amounted to $100,000; in addition to this posted individuals checked out their BCs counts. This drain upon the bank's resources could not be stood forever. and the only wonder was that the bank withstood AO long without going under. STOCI

9. June 23, 1887 The Palatka Daily News Palatka, FL
Article from The Palatka Daily News, June 23, 1887

Click image to open full size in new tab

Article Text

THE BURSTED BANK. DEPOSITORS WILL GET NOTHING. THE OFFICERS MAKE NO EXPLANATION WHATEVER. Harper Deceived Everybody Money Loaned Under Without Collateral The Bank Officers Arrest-Cash Wheat Caused the Whole Trouble. CINCINNATI, June 22.-As the exami- proof the Fidelity National Bank It nation the enormous deficit increases. that ceeds common talk on the streets the is now liabilities of the bank will reach while the stupendous the sum of $6,000,000, It seems dwindle in proportion. the deassets foregone conclusion that This positors to be a will get next to nothing. it is unthe general talk, but of course until the is and cannot be verified and official bank examiner completes his work makes his report. WILTSHIRE, HARPER'S AGENT. stated to-day that the memoranIt is which is a substitute for collateral, $1,000,dum, that Wiltshire used shows of the bank's money and that collat000 for other loans were hypothecated It is the erals York and elsewhere. acted in New some that Wiltshire as belief of of Harper in conducting the wheat boragent deal and was not really the rower. BANK'S OFFICERS UNDER ARREST. BaldTHE Vice-President Harper, Cashier are and Assistant Cashier Hopkins out by win arrest on warrants sworn bail under Examiner Powell. Harper's $10.Bank is fixed at $75,000, and the others 000 each. fu!! MONEY LOANED WITHOUT SECURITY. are papers this morning ways The connected in various closof matter the Fidelity National Bank's statewith Among other things is Powel the on ing. that Bank Examiner statement afternoon demanded a one Monday from the bank and received ment a balance on hand of $1,100,000 of this showing Then calling for a view shown a of cash. he was amazed to be Wiltmoney, pencil memoranda, reading: W. Wilt shire, lead Eckert & Co., $900,000, L a long $46,000 and so on through and no se1st. shire, There was no collateral curity whatever. EXPLANATION WHATEVER NO and Hopkins were unable could to Baldwin explanation and Harper is said make any Even after this, it offer none. offer to permit the bank to were continue exan made if these three men in, but was and new capital brought how much pelled inquiry was made as to was, one when be required, the answer staggered would dollars at least. That they still million directors, and although it is the to form a reorganization, further hoped probable that the fear that further demost would reveal is that examination deterred them. The fact his ficit, concealed from the directors He is Harper with the wheat deal. that he connection have admitted yesterday himself, said not to go into the wheat deal for did he honored an overdraft in but that and then put Wiltshire for $16,000, He charges the to save that. Chicago the rest break to the action of the wheat whole Board of Trade in making all regular. A WOEFUL CONDITION. Bank IN Examiner Powell is credited of the with saying that He the said condition it was singular bank is Harper woeful. had deceived everybody it how the matter. In this connection wheat about be recalled that when and the rumors may occurred in Chicago Fidelity panic current of a run on the to parwere Harper stated repeatedly he did Bank. asking for information that wheat deal. ties know who was in the that he did not went so far as to say in Cinand he it was managed at all Clevecinnati, not believe but was conducted from land and California. attachments on Harper's prop- he has is now tied up. erty More have been made, and everything

10. June 25, 1887 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 25, 1887

Click image to open full size in new tab

Article Text

The Fidelity Sharps. CINCINNATTI, June 24.-Messrs. Harper and Hopkins, of the Fidelity bank, spent the night in jail. Harper is reported to have slept soundly, while Hopkins spent most of the night walking the floor. They were visited by friends this morning, and were again making an effort to procure bail. It is said that Harper yesterday telegraphed fo Mr. Whitely, of Springfield, Ohio, asking him to come down and go upon his bond, but at that time that great manufacturing concern was taking steps for the appointment of a receiver. SPRINGFIELD, O., June 24.-The discovery has been made that Whitely, Fossler & Kelly prior to making the motion to have a receiver appointed, gave to the Champion Machine company an indemnifying mortgage of $500,000 on all the property owned by the firm. The mortgage states that the firm borrowed this amount from the machine company in promisory notes on which they were negotiating loans. The developments indicate conclusively that the failure was precipitated by the Fidelity bank disaster. Two years ago Whitely assisted Vice President Harper of the latter institution out. of a serious difficulty with acommodation paper representing an immense sum. When Harper realized his own downfall was iminent he disposed of this paper to New York and Cincinnati brokers without Whitely's knowledge or consent. These brokers immediately pressed Whitely, and this caused yesterday's action.

11. June 29, 1887 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, June 29, 1887

Click image to open full size in new tab

Article Text

ON 'CHANGE. Spot Cotton Fractions and Futures from One to Four Points Lower. Money Market Easy. Wheat Opened Strong, Fluctuated Narrowly and Closed at an Advance-Live Stock Transactions Brisk, Daily Review. GAZETTE OFFICE, } FORT WORTH, TEX., June 28, 1887. Trade was a fair average to-day in all lines. Meats have advanced 1c and are firm at the advanced figures. Coffee has weakened and declined 1c per pound. New wheat now coming in is very fine. Fort Worth is the best wheat market in the state, paying from 6 to 10 cents more per bushel than other places. New oats are in the market in considerable quantity and sell at 25@27 per bushel. THE STATE OF TRADE. Special telegrams to Bradstreet's do not point to any improvements in conditions affecting general trade. The excellent crop prospects in the vicinity of Quincy, Ill., Omaha, Dallas, Tex, and Galveston, have stimulated demand from the interior at those points, but at few other cities is an increase in the volume of business noted. Trade at Pittsburg is fairly good, but unsettled. Late strikes, and those promised, have caused a better demand for bar iron there, but prices are no better with 1.90@1.95c. the ruling rate. At Kansas City the volume of trade is smaller than last week, but, of course, in excess of one year ago. Boston, New York and Philadelphia all report the customary commercial quiet at this season. Chicago's vclume of trade has equaled the totals for late weeks, is materially above the record a year ago. Total bank clearings at thirty-eight Feities for the week, as wired to Bradstreet's, aggregate $975,000,000, against $1,032,318,566 a week ago, a loss of 9 per cent. As compared with the corresponding week in 1886, when the total was $929,661,783, the gain is 21/2 per cent. Leading domestic money markets have been active and somewhat firmer. At Beston it was stringent, with higher rates. At Chicago rates ranged higher, with loans carefully scrutinized. The strength of one of the banks there to withstand losses through claims on the Fidelity Bank of Cincinnati did much to steady the money markets at the west. Most of the wheat held by Chicago banks as collateral has been sold since last Saturday, and large quantities are being shipped daily and bank loans canceled. The Fidelity bank failure produced an unsettled feeling in both the money and stock markets. Loaning rates rose and stock values declined through the week. till on Friday the excitement in Wall stre et culminated in panicky feeling and liquidation, in which prices declined all around and loan rates rose to 2 per cent. per day, the closing rate being 1 per cent. per day. There was a recovery in stocks and steadier feeling at the close. Foreign exchange fell to a figure below the gold-importing point. The exhibit of the gross railway earnings per mile included in Bradstreet's May report shows that while earnings per mile for May, 1887, increased 8.6 per cent. over May, 1886, and 8.7 per cent. over May, 1885, they fall 4.20 per cent. below those of May, 1884. For the first five months of the year earnings per mile increase 7.7 per cent. over 1886, 6 6 per cent. over 1885, but only 2.8 per cent. over 1884.- Bradstreet's.

12. July 2, 1887 The Superior Times Superior, WI
Article from The Superior Times, July 2, 1887

Click image to open full size in new tab

Article Text

NEWS NOTES. Fire among the buildings of the go Packing Company Stockyards stroved all the buildings vering acre and a half ground with their tents The loss is placed at $1 500.000 Among the property destroved was 000 barrels mess pork belonging to P Armour Murphy was killed by falling timbers Postmaster Carson of New Bruns wick, against the postmaster detained having ters addressed the depart him ames M took Webb the desperado the murder from Miss Brownsville, Charles E Mars. a veteran news man, committed suicide Buffalo by taking poison Sugland who nurdered Helen A Burt hanged himself in the Brattle boro. Vt.,jail The suspicion that the collapse the Fidelity National Bank Cincinnati would with it American Exchange Bank, of Chicago denied by the officers of the be $300 only nd some $6 000.000 officers surrendered by their bondsmen The Whitely Fos Springfield III., hands of the The wheat of a train, 23d. The fail the work on steep member of Par the of Parnellism Escanaba Mich in runaway His skull Ishpeming and two deaths from reported from Key H at died OF Blake has been appoint ed roundland New Orleans on the for in Texas commander of the M regular army H Conn Cora of Lee Mrs. Gra Mo disagreed had made 5,000, making $ 400 ch dren were and storm a during which demolished the an 22nd and drowned The of Joliet III has fixed at $1.000 An make it $ 000 John Rick Irondale, Rev. John F Maxwell morning of the 22d ewis which lding, a cigar as vanna Lottery 000 last draw at portions the Brooklyn fire quitted of the chase. govern Coloro murdered infants the in

13. July 6, 1887 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, July 6, 1887

Click image to open full size in new tab

Article Text

South and West. A TORNADO at Grand Forks, Dakota, killed four persons, seriously injured thirteen more, and demolished twenty-five buildings. In East Grand Forks fourteen business houses were destroyed. THREE masked men heavily armed stopped the stage which runs from Ballwin to Barrelta, Mo., and robbed the passengers. A FIRE has nearly wiped out the business portion of Washburn, Ill. Seventeen houses were burned. The losses will aggregate $700,000. HEMMING, one of the railroad strikers who fired upon the train at Fort Worth, Texas, last summer has been found guilty of murder. A LADY of Portsmouth, Va., was gored to death by the same bull which killed her husband a year ago. THE Fidelity National Bank, one of Cincinnati's most solid financial institutions, closed its doors because it was $1,300,000 short, the money having been used by three of its officers to carry on the late Chicago wheat deal. Vice-President Harper, Cashier Baldwin and Assistant Cashier Hopkins were arrested for fraudulently using the bank's funds.

14. July 6, 1887 Morris Tribune Morris, MN
Article from Morris Tribune, July 6, 1887

Click image to open full size in new tab

Article Text

# FARMERS! You may have heard a report to the effect that The Warder, Bushnell & Glessner Company, manufacturers of Champion binders, mowers and reapers, was busted and their business is now in the hands of a receiver. This I denounce altogether as a bare-faced lie. This is being circulated for effect by men who are rather attending to business belonging to others in place of attending to their own. A short time since a report came out in some eastern papers that the Champion Machine Company had made an assignment, and had asked for a receiver. The court at once appointed Wm. N. Whiteley, president of the Champion Machine Company, as its receiver. This assignment was due to some complicated business matters with the Fidelity Bank at Cincinnati, Ohio, which closed its doors a short time since. The members of the Champion Machine Company are known as Whiteley, Fasler & Kelley. Several years ago Wm. N. Whiteley and some of the members of The Warder, Bushnell & Glessner Company, with the patents for the Champion machines, commenced to manufacture and offer them for sale. Some time after the opening of this manufacturing establishment, two distinct and separate companies were formed, each manufacturing the Champion machine, though offering them for sale in two separate territories. Whiteley, Fasler & Kelley having the eastern states, while The Warder, Bushnell & Glessner Company control the western. I therefore beg to inform you all, that The Warder, Bushnell & Glessner Company will still continue to offer Champion Binders, Mowers and Reapers, known as the best in the world, for sale as usual. And any one wishing to ascertain The Warder, Bushnell & Glessner Company's financial condition, may refer to the First National Bank of Chicago, Ill., where they can acquire what information they wish. The Champion Binders and Mowers will be cutting the grain and grass in this glorious northwest long after those weary, narrow minded, peace-destroying competitors of ours are laid in their little bed to rest. I would suggest that they wipe their nose, brace up, and go into some other business besides trying to tear down a machine as well known as the Champion. Yours truly, G. T. ELSHAM. General Agent for The Warder, Bushnell & Glessner Company. Morris, Minn., July 5, 1887.

15. July 14, 1887 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, July 14, 1887

Click image to open full size in new tab

Article Text

WASHINGTON. A COMMISSION has been appointed by the postmaster general to adjust and equalize the compensation of postoffice clerks throughout the country. IT is rumered at Washington that Colonel Morrison will resign from the interstate commerce commission to make another race for congress in his old district. THE State Department at Washington has been informed that deaths from cholera occured Wednesday at Palermo, the capital of the Island of Sicily. IT is practically settled that the President will not visit the West at all during the present year. The proposed visit to St. Louis has resulted in wholly changing what ever plans he had made for visiting Western cities. THE comptroller of the currency has received the report of the condition of the bursted Fidelity Bank of Cincinnati, on the date of its suspension but refuses to make it public. It is known that the books of the concern were kept so loosely that the present examination will show them to be nearly $500,000 out of he way. MRS. CLEVELAND, or "Donna Frances" as she is now popularly called, receives daily a most voluminous mail. Strange as it may seem, many of her letters relate to public business. Such communications are at once turned over to Col. Lansong. She is importuned for money, for offices, and is asked to obtain pensions for mutilated soldiers. THE president has authorized the allotment of land in severalty to the bands of Chippewas in Michigan, Wisconsin and Minnesota, resident upon the following reservations: L'Anse and Viex de Siet and Ontanagon, Mich.; Bad River, Lac de Flambeau, Lac Court O'Reilles, Red Cliff and Fond du Lac, Wis., and Grand Portage, Minn.

16. July 14, 1887 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, July 14, 1887

Click image to open full size in new tab

Article Text

# WASHINGTON. A COMMISSION has been appointed by the postmaster general to adjust and equalize the compensation of postoffice clerks throughout the country. IT is rumered at Washington that Colonel Morrison will resign from the interstate commerce commission to make another race for congress in his old district. THE State Department at Washington has been informed that deaths from cholera occured Wednesday at Palermo, the capital of the Island of Sic'ly. IT is practically settled that the President will not visit the West at all during the present year. The proposed visit to St. Louis has resulted in wholly changing what ever plans he had made for visiting Western cities. THE comptroller of the currency has received the report of the condition of the bursted Fidelity Bank of Cincinnati, on the date of its suspension but refuses to make it public. It is known that the books of the concern were kept so loosely that the present examination will show them to be nearly $500,000 out of he way. MRS. CLEVELAND, or "Donna Frances" as she is now popularly called, receives daily a most voluminous mail. Strange as it may seem, many of her letters relate to public business. Such communications are at once turned over to Col. Lamong. She is importuned for money, for offices, and is asked to obtain pensions for mutilated soldiers. THE president has authorized the allotment of land in severalty to the bands of Chippewas in Michigan, Wisconsin and Minnesota, resident upon the following reservations: L'Anse and Viex de Siet and Ontanagon, Mich.; Bad River, Lac de Flambeau, Lac Court O'Reilles, Red Cliff and Fond du Lac, Wis., and Grand Portage, Minn.

17. September 4, 1887 Wichita Eagle Wichita, KS
Article from Wichita Eagle, September 4, 1887

Click image to open full size in new tab

Article Text

Verbum sat Sapienti. The receiver of Fidelity bank, of Cincinnati, has inaugurated a novel, not to say original mode of proceedure in his endeavors to effect a settlement of that recently wrecked institution's affairs, by instituting a civil suit against the directors for $3,009,000, on the ground that they betrayed their official trust and are, therefore, personally responsible in a large measure for the losses incurred thereby. We quite agree with the Gtobe-Democrat in the remark that "as a matter of justice, they should certainly have judgment rendered against them; and a decision of that kind in the United States court in which the question is to be passed upon would have a decidedly wholesome effect."

18. September 20, 1887 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1887

Click image to open full size in new tab

Article Text

FAILURE OF THE WEBER BREWING CO. A RESULT OF THE COLLAPSE OF THE FIDELITY BANK IN CINCINNATI. CINCINNATI, Sept. 19.--The George Weber Brewing Company, of McMicken-ave., made an assignment this morning to Adolph Wood and W. R. Thrall. The lla bilities are estimated at $500,000 and assets at $350,000. Preferences in the form of mortgages on real estate were given to Isaac C. Miller, $1,400: Anthony Troescher, $7.000: William Stich'enoth, Jr., $18,000; Merchants National Bank, $12,000; Cincinnati National Bank, $28,000: Stonelake Ice Company, $6,500; Edward Berghausen & Co., $16,500; Joseph Schaller, $12,000; ROSA Webber, $16,500; Louisa Ehrgott, $48,000; Mallon & Coffey, $5,000; Jordan & Jordan, $5,000, and by chattel mortgage to Louisa Ehrgott, Cincinnati National Bank and Stonelake Ice Company, $28,000. The assignment was hastened by suits filed on Saturday on collateral held by the Chemical Bank of New-York for loans to the Fidelity Bank. Two more suits were filed to-day on indorsed paper by local creditors. This firm has been in trouble for nearly ten years, being for several years in the hands of a receiver and going through a fierce legal battle to get out. The Are on July 4 crippied them to the extent of nearly $200,000, as not a cent of Insurance has yet been paid. Benjamin E. Hopkins, assi-tant cashier of the FidelIty Bank. referring to the suit brought by the Government against him in connection with E. L. Harper, Briggs Swift, Ammi Baldwin and the directors to recover the losses caused by the Fidelity Bank failure. says be can clearly show that he knew nothing whatever of the wrecking of the concern until the day before the collap-e. He says nobody about the bank knew of It except Harper and possibly MI-s Josie Holmes, and he charges upon Harper the whole responsibility. He Is still in jail, but professes strong hope to be free from all blame as soon as the case comes to trial.

19. September 21, 1887 New-York Tribune New York, NY
Article from New-York Tribune, September 21, 1887

Click image to open full size in new tab

Article Text

# DENYING REPORTS ABOUT A NATIONAL BANK. George G. Williams, president of the Chemical National Bank, denied yesterday the published dispatches that the bank was interested in any way in the failure of the Weber Brewing Company, of Cincinnati. He explained the only possible grounds for the statement in this way: The Fidelity Bank of Cincinnati applied for help when it was in distress and we made a loan to it. The bulk of the indebtedness has been paid and the balance will be met within about thirty days. Our security from the very first was am- ple and now we have collateral worth ten times probably the sum still due us. Among the securities there was some paper of the brewing company which we put into the hands of our Cincinnati lawyer for the simple purpose of avoiding re- sponsibility to the receiver of the Fidelity Bank. We should have turned the notes over to him, but the Bank of Montreal has laid an attachment on the surplus in our hands after our loan has been discharged. If it was not for this, we could soon give him a basketful of securities. The receiver could not bring suit on the notes, of course, and if we did not do so he might afterward hold us responsible for neglect. Our counsel advised us to avoid this possibility, but we have no interest in the failure of the brewing company.

20. October 12, 1887 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, October 12, 1887

Click image to open full size in new tab

Article Text

The Fidelity Bank Cash. CINCINNATI, October 10.-It is understood that Ammi Baldwin, late cashier of the defunct Fidelity Bank, has made a statement of affairs in the institution, which gives an inside view. It begins with giving some news regarding the condition of the Third National Bank, in which Baldwin was cashier. In 1881, he says, Handy, Harper, and others were engaged in the big wheat deal at Chicago, and one night found the bank with only $1,600 in cash on hand. Some of the directors went to Chicago that night, and by 11 a. m. the next day had telegraphed $375,000 to the bank and saved it. The other directors never knew until now how near their bank was wrecked, Baldwin's brother, also in that bank, embezzled $18,000. Ammi covered it up for him, he says, with the help of Harper and others, and then got into Harper's hands. When the latter founded the Fidelity, he took Baldwin along with him. The Fidelity was run on wind and by the one-man power of Harper alone, who knew all the details of the business and kept all the secrets of the business, save such as he shared with Miss Josie Holmes, the exchange clerk. Harper was bound to keep the stock of the bank up, and at the premium boughteverybodys stock who wanted to sell. Baldwin was sick and absent for a few weeks, and on his return found Harper had assumed the duties of cashier, and continued to do so on the plea of relieving Baldwin of his work. Harper had balances of $100,000 or so on hand nearly all the time. The money seems now to have come mostly from hypothecating the banks stock and from the discounting of accommodation paper, yet so adroitly was it all done that Baldwin did not suspect the true state of affairs until the crash came. He had often heard Ben Hopkins the assistant cashier, say that Harper must be worth at least $5,000,000.

21. October 29, 1887 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, October 29, 1887

Click image to open full size in new tab

Article Text

The Fidelity Swindle. CINCINNATI, Oct. 28.-The First National bank of Logansport, Ind., to-day brought suit in the United States court to recover from Receiver Armstrong $43,441, which, it is alleged, the late Fidelity National bank held for the plaintiffs. The petition says that the receiver has rejected the claim. The money was on deposit in the Fidelity bank, and Harper, at the request of the Logansport bank, loaned it for them, giving them notes of Matthews & Gahr, secured by Fidelity stock. When the notes became due the bank was in the hands of a receiver.

22. November 6, 1887 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 6, 1887

Click image to open full size in new tab

Article Text

# A Wheat Deal Relic. CINCINNATI, November 5. —The American Exchange National Bank of Chicago, this afternoon, brought suit in the United States Court, against Receiver Armstrong, of the Fidelity National Bank, for $400,000 This is a relic of the troubles during the famous wheat deal.

23. June 6, 1888 Watertown Republican Watertown, WI
Article from Watertown Republican, June 6, 1888

Click image to open full size in new tab

Article Text

# Decision in a Fidelity Bank Case. The decision of Judge Jackson of the United States court has been received in a case where the jurisdiction of the United States court was called in question. It was the suit of Receiver Armstrong, of the Fidelity National Bank of Cincinnati, against Troutman and Fischer, who objected to the jurisdiction because both parties were residents of the same district and the amount claimed was less than $2,000. Judge Jackson held that jurisdiction was expressly given by the statutes in all proceedings in winding up the affairs of a national bank.