Cook County National Bank (Chicago, IL)

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Episode Information

Episode UID
184500901
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
18450 national
Charter Number
1845
Start Date
January 19, 1875
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4393929f36cd35de

Response Measures

None

Receivership Details

Depositor recovery rate
14.9%
Date receivership started
1875-02-01
Date receivership terminated
1883-11-20
OCC cause of failure
Losses
Share of assets assessed as good
30.7%
Share of assets assessed as doubtful
61.8%
Share of assets assessed as worthless
7.5%

Description

Suspension followed by voluntary liquidation and appointment of a receiver; deposits had run down but primary cause cited was refusal of advances and unsound assets.

Events (5)
1. July 8, 1871 Chartered
Source
historical_nic
2. January 19, 1875 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders voted to go into voluntary liquidation; cited non-receipt of promised aid and refusal of Charter Oak Life Insurance to permit advances as immediate cause.
Newspaper Excerpt
The Cook County National Bank of Chicago, by vote of its stockholders, decided to-day to go into voluntary liquidation.
Source
newspapers
3. January 20, 1875 Other
Newspaper Excerpt
Its deposits have run down from $1,150,000 at the date of its last statement, Dec. 31, 1874, to about $850,000, or about $300,000 in a fortnight.
Source
newspapers
4. January 29, 1875 Receivership
Newspaper Excerpt
A. H. Burley, Receiver of the Cook County National Bank, began suits in debt ...; Comptroller ... appointed A. H. Burley Receiver.
Source
newspapers
5. February 1, 1875 Receivership
Source
historical_nic

Newspaper Articles (23)
1. October 18, 1871 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 18, 1871

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CHICAGO. by Lumber Attempted The Resumption.org Rebuilding the on Banks--The Work of attempt was Oct. 17.-An lumber dealers, lummade by a up the price but this yesterday, CHICAGO, to number carry per of thousand, larger of and at from $3 to $4 of the the was ber, was resisted respectable by many dealers, deteated. and Lumis selling at the old and filty millions tempted more ber extortion hundred prices. There the Italian sup- are of fully feet in two the continue yards in to this be abundant. city, and the will captured police have Peteri, who on keeper, week, in a Monday night stabbed two saloon ply The of Gregorio last saloon men on of to Buren street, at the Van He was found west of village this city. on death. about five miles dead bodies total held up inquests Of course Austin, which The number have been of when removed, to last the night, is ninety-two. burnt dietrict is debris in the be disovered. more will been made to-day the special removal of by many Aarrangements for the agent have of avenue the the Postoffice Church, PostDepartment the Wabash and Harrison office avenue for corner to Wabash will be occupied build that streets, and it the government Church can edifice purpose until building. This burned district, suitable the south line of the was considerably scorched, south is on division. but suffered It little or no of Trade injury inside. The directors this of morning, the Board for of the location. purhad a meeting settling the question it was deAfter to appoint a near the old cided a suitable lot, the Chamber pose to select of considerable and committee discussion on a rooms, Board tem- of of Trade rooms, and to erect thereon transaction of business. Sheridan to-day the porory their Commerce, General building, he for announces the issued contin- an There ad dress, peace in which and quiet violence of the city. since the disaster has uous been of Sunday no case night of and Monday morn- reing. The banks, national to-day. and The savings, calls settle- from sumed business were light for immediate to ascertain ment, as many what extent they depositors and to sought Many deposits could their or draw was no safely balance made. There hereafter. drafts on excitement the Savings were whatever. The and in many rush Bank were very light, made. There deposits were at the considerable many checks were confidence stances and excitement the thrown closing out. was the in- to hour, illustration of banks, we refer placed in Third public to-day's As an work: checked At the the out, and National, bank $72,000 pre$45,000 State dedeposited were rush, The but only Savings money, some forty the aghave gregate pared positors for of called a which for was their greatly exceeded been by deposits. contracts for building those who Many to-day. Among are William F. Wheeler, propose consummated to rebuild H. G. Powers, at once Armour, C.T. John Pot- B. Coolbaugh, George Walker, Mathew K. Drake, Boin Bros., of Drake Block, Laflin, J.C. C. H. Tuttle, Beck une ter Gregstin with, Palmer, Company, Edwin & Mackin, Hunt, &c. House Frederick Jas. The square H. entire Reese, from block Trib the on Court from Randolph streets, will Dr. Fowler, J. C. and John Drs. Union Depot land and street is to be east, by fronting Washington E. Goodell, Messrs. and others. of running Lake Charles Walker, The great be rebuilt scale. at at Quin- once once R. rebuilt at the toot and on a greatly were enlarged issued to-day thousand for A persons number leaving of passes the city. The number was The one action the of postoffice the postoflice on one-third authorities the South of the Side, in locating population where there surprise of the is less city and than and a good no gas, to deal have has of indignation, created great for the less accommodation regard seeming should of a mahad of the citizens than to-day, In number of of been jority lected. been. Brooklyn A various small $1,200 parts contributions was have New col- at from Committee State. telegraphed that in money ought to give Various New Chicago York are reported The $1,000,000 Boston England Massachusetts towns and for supplies. are reported $10,000 as a portion The registration for this the morning; election to-day Michigan. commenced registered 23,200. Germans November total was number of the leading for the purA meeting Hall to-night, element one pose held at of uniting the A German committee, was ap. organization. Apollo prominent Germans, Democ- includ. into ing many with the reform pointed racy for to the conter purpose of an alliance against

2. October 18, 1871 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, October 18, 1871

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# THE WRIT OF HABEAS CORPUS SUSPENDED IN SOUTH CAROLINA, &C. Washington, October 17.--The President to-day, after reciting the causes and quoting the laws under which he acts, issued a proclamation in which he suspends the writ of habeas corpus in Spartanburg, York, Marion, Chester, Laurens, Newberry, Fairfield, Lancaster, and Chesterfield counties, of South Carolina. The suspension extends to the arrest by the United States marshal, his deputies, any military officer of the United States, or any soldier or citizen acting under the orders of said marshal, deputy, or such military officer within said counties, of persons charged with any violation of the Ku-Klux act of Congress during the continuance of the "rebellion" in said counties. The Attorney-General has a dispatch from North Mississippi that five Ku-Klux with disguises complete have been captured. Seven hundred and fifty thousand dollars in revenue stamps were found safe in the government vault in Chicago. Secretary Boutwell has received the following dispatch from Chicago: "The Chicago banks are saved, and are paying every dollar on demand. A good feeling prevails. [Signed] H. R. Hurlbut, Comptroller of Currency." Mexican Affairs. Havana, October 17.-A steamer just arrived from Vera Cruz brings late dates from the Mexican capital. Juarez had been re-elected President by Congress, receiving 108 votes-all that were cast. The opposition abstained from voting. Everything was quiet in the city. The telegraph wire between the capital and Matamoras had been cut by Trevina. Telegraphic Summary. Eighty Catholic children have arrived at Cincinnati from Chicago, and have been committed to the care of the bishop. The cholera has again appeared in an epidemie form in Constantinople. Sixty deaths have occurred in two days, nine of whom are Englishmen. Hon. James McNab, Governor of Nova Scotia, is dead. The preparations for the exposition of the Industrial Association of Georgia, to be held in Savannah on the 21st of November, are nearly complete. A suit has been instituted in the Federal Court at Memphis, Tenn., against Gen. Forrest and others, by Capt. Houston, of the steamer Hester, for arms destroyed some years ago by disguised men. A dispatch from Raleigh states that the exhibition of the North Carolina State Fair at that place is unsurpassed in every respect. The sub-Ku-Klux Committee has been investigating at Montgomery, Ala., whence they go to Demopolis, in the same State, and thence return to Washington. Four deaths from yellow fever have occurred in Charleston during the past two days. The Security Insurance Company has suspended. Fires are raging in Deer and Harrison Creek Valley; extending to Jefferson county, Nebraska. The loss is estimated at $50,000. A later dispatch from Glocester, Canada, says an American fleet of four vessels is outside, and that any attempt to seize the "Horton" will meat with disastrious defeat. The vessels spoke the "Horton," but did not see the British gunboats.

3. October 19, 1871 The Tipton Advertiser Tipton, IA
Article from The Tipton Advertiser, October 19, 1871

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# THE CHICAGO FIRE considered a sufficiently large figure to cover all the losses. The number of acres actually burned over is about 2,500-comprising the most compact and thickly inhabited part of the city, and the great bulk of its business and substance. About 20,000 buildings were burned, one-fourth of which were of stone or brick. The actual loss of life was undoubtedly over 300. Concerning the situation and prospects, on Friday, the Journal said: "Chicago is not hopelessly down. Her capitalists and merchants are 'up and doing'-preparing for reorganization and reconstruction upon the old foundations -and it is very apparent to all intelligent observers, that all will soon be well, and that Chicago will, before long, be in rapid process of rebuilding, and that before many years she will in all respects be herself again. The fact, now positively stated, that the heaviest insurance companies at the East will promptly adjust and pay in full their losses by our Great Conflagration, is the most cheering news we have yet received since the Calamity. This will go far towards helping many of our people out of their troubles and setting them on their feet again." On Monday, it speaks yet more cheerfully, speaking of the announcement that the banks would resume business on the 17th, which is strengthened by a certificate from the United States Comptroller of Currency that the National banks of Chicago are solvent institutions, as follows: "The decision of the banks to abandon their fifteen per cent. installment policy, and resume business as usual to-morrow, has restored confidence in Chicago. The universal opinion now is that the grain business will soon be running as usual. At present the derangement in insurance is a hindrance to shipments. There is no speculative business attempted. It is believed that the permanent increase in the price of grain will be slight. We hear of scores of cases where merchants or capitalists are already fully determined to rebuild in the most substantial style on the old sites, and it is already very evident that the South Side will before many months be 'reconstructed' even more substantially than is was built originally." The peace of the city has been restored and is maintained. The papers deprecate the statements which are finding place in newspapers signifying a different state of things, and say that General Sheridan and the city authorities report no cases of outrage or serious disturbance.

4. December 2, 1872 New-York Tribune New York, NY
Article from New-York Tribune, December 2, 1872

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THE CURRENCY. We complete to-day our extracts from the annual report of the Controller of the Currency, of which we printed a portion on Saturday. The limit of the National Bank issues in each State and Territory is fixed on the basis of population. resources, businees, and bank capital, as ascertained by the census. The last census required a new apportionment, as it showed a total increase in the population of the Union of more than 7,000,000 persons, and in wealth of nearly $14,000,000,000. An act was accordingly passed providing for an additional issue of $54,000,000. Of this the largest sum, $8,400,000, apportioned to any State, went to Illinois; Ohio and Kentucky each got over $5,000,000; Indiana, $4,000,000; Michigan and Louisiana each over $3,000,000; the distribution being made one-half on the population and one-half on the wealth of the country. It will be noticed that the increase all goes to the South and West, and more is yet needed to give those sections their due apportionment; to accomplish this, $25,000,000 is to be withdrawn and redeemed from the circulation of banks in New-York and New-England, and a corresponding amount authorized to banks in States that have not now their quota. It is a commonly received but somewhat erroneous opinon that the amount of currency in the hands of each individual member of the community has been on the average largely increased by the National Bank system; but this report only gives it now as, for the whole United States, $9 18 per capita, against $7 59 before National Banks existed: but the circulation of U. S. Treasury notes should be added before any conclusion is reached from these figures. The State of Rhode Island has the largest per capita circulation: $61 56; Mississippi the least:-one centexcept Florida and California, which have none. New-York has but $14 08. The National Banks have paid in the last eight years some $40,000,000 taxes to the United States; their State and national taxes for four specified years together amount to $71,000,000. The bank dividends are not so large on the average as is generally supposed: they do not exceed in the aggregate those of the old State banks; for the whole Union they but slightly exceed five per cent on invested capital. The great question of the proper reserve to be held by the National Banks is discussed in this report, and the conclusion reached that it is only the smaller and weaker banks that want to go below the present limit. Their necessities arise from putting out their funds at interest on deposit with Eastern banks-a condition which has more than once given riso to the most serious financial convulsions, as in 1857 - and a remedy proposed by the Controller is the issue of a new security by Government which will afford these banks the needful investment at interest. Not the least interesting feature of this report is the announcement that the Chicago banks, 80 far from being crippled as was anticipated after the fire by losses on discounted paper and the withdrawal of their balances, in point of fact steadily increased in business and profit, after resuming without embarrassment as soon as their safes were cool. There is a similar prospect in Boston, where the aggregate losses since the fire on bills receivable are estimated at less than three millions of dollars, which the bank surpluses will cover without touching capital or reserve. The question of usury is discussed. It appears that the penalty for its practice by National Banks is not clearly defined, and the Controller therefore declines to institute proceedings concerning it. A general law for the establishment of Savings Banks in the District of Columbia seems desirable. Locking up greenbacks is reprehended, and the New-York Stock Board and Clearing House are asked to discourage it. A table of the specie kept on hand by the banks shows it as less in October last than in many years before; as $10,000,000 against a usual average of $25,000,000. In the few cases of failure among the National Banks, the unfortunate institutions seem to be wound up with less ruinous loss to depositors and stockholders than has ever been re-

5. September 22, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 22, 1873

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NEWS OF THE DAY. The Wisconsin State fair begins at Milwaukee to-day. The Texas editorial excursionists left Cincinnati last night for Louisville. The financial panic is reported to have seriously affected the narrow-gauge interests in Utah. The Chicago banks have taken advantage of the sixty-day privilege on their depositors. McClure's military academy, at Oakland, California, was entirely destroyed by fire Saturday night. Immediately after the cortes adjourns the Spanish government at Madrid will declare Spain in a state of seige. Thomas Tarwater, a brakeman, was run over and killed by a freight-train at Columbia, Tennessee, on the nineteenth instant. Pat Garnley, an insane man, set fire to a building in Jeffersonville, Indiana, yesterday, remained in it and was burned to death. Business generally will be suspended in Cincinnati to-day. it being proclaimed by the mayor. a holiday in the interest of the exposition. A strange and fatal disease at Kelter, in Utah, is very prevalent, producing great consternation. The patients die in a few hours. It resembles fever. Satisfactory arrangements have bee n perfected with the Ute and other tribes of Indians, hitherto in discontent, so that they will be settled upon their reservations. A Milwaukee dispatch says the financial panic of New York produces no disturbance there as yet, but the banks are preparing for any emergency that may occur the coming week. At Carbondale, Illinois, yesterday two negroes, Bill Smith and Frank Collins, remembered the Sabbath by playing cards, "fell out," resulting in the latter shooting the former through the heart. He's dead.

6. September 23, 1873 The New York Herald New York, NY
Article from The New York Herald, September 23, 1873

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Run on the Chicago Banks. CHICAGO, Sept. 22, 1873. There is considerable of a run upon some of the banks here to-day, but they are adhering to the resolution adopted yesterday to fall back upon the thirty and sixty day rule, and are only paying on sums of less than $100. The largest assemblage appears to be gathered at the States Savings Institution, but so far the crowd has been very quiet and orderly. The latest reports, public and private, from New York, appear to have had the effect to lessen the anxiety which was manifested this morning among many bankers and business men.

7. September 24, 1873 Knoxville Weekly Chronicle Knoxville, TN
Article from Knoxville Weekly Chronicle, September 24, 1873

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Georgia, to Hopkins, Dwight & Trowbridge; Deposit Savings Institution, Mobile, to Metropolitan National Bank The Brooklyn Banks. The Brooklyu bank presidents to resolved te sell $1,000,000 of U. S. securities in case of emergency. The majority were, however, of the opinion that there would be no run upon them. The Evening Post says: The day closed with an established improvement in general feeling; one day more with the Stock Exchange closed, will, it is thought, put everybody in such a condition, SO far as the exercise of reason is concerned, that it will be prudent for the brokers to again resume business. This afternoon money lent on the streets at : per cent., that rate having been paid by distressed brokers. President Rail, of the Bank of Commerce, said this afternoon that confidence had been very greatly improved and he Thought the action of the Government in buying 5-20s had been highly beneficial in loosening greenbacks. NEW York, Sept. 22.-When the doors of the Irving Savings Bank, 96 Warren street, were opened this morning, a crowd of depositors rushed in, clamoring for their money. The paying teller immediately set to work to satisfy their demands. When the majority, however, saw how willingly money was being paid out, they became quieted and left. Up to 2 o' clock the bank had paid out above $10,000, and had received a considerale amount in deposits. Feeling of Relief in New York. NEW YORK, Sept. 20.-The feeling among all classes is one of great relief. No runs on any of the national or state banks and the crowds on Wall street are mainly curious spectators. There are considerable inquirry for stocks on Wall street. Investors with greenbacks in hand are seeking to purchase, but the prohibition of Stock Ex: change drohibits transactions. The Chicago Banks. CHICAGO, Sept. 22.-There was a considerable run upon some of the banks here today, but they areadhering to the resolution adopted yesterday to fall back upon thirty and sixty days notice, and only paying sums of less than one hundred dollars. The largest assemblage appears to be gathered at the Statee Savings Institution, but so far the crowd has been very quiet and orderly. The latest reports, public and private from New York appear to have had the effect to lessen the anxiety. Chicago Savings Bank. CHICAGO, Sept. 22.-The Savings Banks give notice of the enforcement of thesixty days' notice. MEMPHIS, Sept. 22.-There were eight cases of yellow fever on Sunday. Philadelphia Banks. PHILADELPHIA, Sept. 22.-The run on the Savings] Banks has subsided. PHILADELPHIA, Sept. 2.-There is a much better feeling on the street to-day. The Stock Board is firmer. Pennsylvanias are holding ground at 40 to 50. A bank statement wili be out as usual to-day and will show a gratifying exhibit. The Situation in London. LONDON, Sept. 22-5 P. M.-Much excitement is manifested on all sides to hear further news from New York. Jay Cooke, McCulloch & Co. continue to pay cash in the usual manner over their counter. Among the rumors current in Stock Exchange is one that the Bank of England holds $400,000 of Jay Cooke Co.'s acceptances and that Rothschilds have $100,000 of the same paper. LONDON, Sept. 22-6:30 P. M. - dispatch announcing the closing of the New York Gold Exchanged has just been bulletined. This news is aceepted as an indication of the gravity of the financial situation and the market for American securities is again depressed.

8. September 25, 1873 The Rock Island Daily Argus Rock Island, IL
Article from The Rock Island Daily Argus, September 25, 1873

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# Banks In Chicago all Suspended. Telegrams received here this afternoon, announce that all the Chicago banks have suspended. This is probably by a united agreement to suspend until some plan of action can be agreed on. Things look blue, and there is great probability that the panic will become general and extend all over the country.

9. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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LAWRENCE, KS. Special Dispatch to The Chicago Tribune. LAWRENCE, Ks., Sept. 20.-Financial matters are looking brighter. The news of resumption by the Chicago banks is hailed with delight. Our banks have paid without suspension through the panic.

10. September 30, 1873 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, September 30, 1873

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SAN FRANCISCO. Special Dispatch to The Chicago Tribune. SAN FRANCISCO, Sept. 20.-To-day was devoted almost exclusively to collections and legitimate channels, and the result inspirod confidence. Tho resumption of business by the Chicago banks was the subject of much congratulation, showing the panic had no serious effects on Western finance and stability. This, with the promptness with which to-day's matured obliga- tions were mot, has reopened the current of exchange, which resumed with some briskness. Coin drafts on New York sold at ¾ to 1 por cent; telegraphic transfers at 2 por cent. The panic has fully demonstrated the unadvisability of stock speculations. Capitalists are more unwilling than ever to invest in outside real estate, preferring legitimate enter- prises and staple products. The panic is charged

11. October 2, 1873 Ottumwa Weekly Courier Ottumwa, IA
Article from Ottumwa Weekly Courier, October 2, 1873

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On Monday evening last the following action was had by Chicago bankers : The Chicago Clearing House association of banks and bankers resolve that until further action, and in view of the disturbed condition of affairs in New York and other cities, and the difficulty of converting balances into currency, its members be recommended and authorized to suspend currency payments on any large demands made upon them, either from country banks or over their counters. Dispatches of last night show that this action of the Chicago bankers is commended in Keokuk and Des Moines, Iowa,"also by those of Quincy and Peoria, III. The excitement throughout the whole country is great, and yet everybody expresses the utmost confidence in the banks, except such as have been dealing in railroad stock. The opinion prevails that banks generally must suspend until the people settle quietly down. Our produce which had commenced moving, is about totally checked. Eastern banks refuse to send currency west, and as a consequence no produce can be bought. This certainly cannot last long, for the starving must have bread and the currency depot must be unlocked in the East.

12. October 3, 1873 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, October 3, 1873

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SUSPENSION OF THE CHICAGO BANKS. - A A telegram received Saturday from Chicago announces that all the banks in that city have suspended.

13. January 20, 1875 New-York Tribune New York, NY
Article from New-York Tribune, January 20, 1875

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And the following for city bank shares Asked. Offered. Offered. Asked. 119½ Merchante 150 America. 101 Merchants' Exch's American Exchange. 1161g 132 Metropolitan 137 Butchers' & Dievers'130 I 105 Nassaa 100 Central National 125 New-York 136 139 Thatham 94 N. Y. Nat. Exchange. 1500 Chemical 100 100 Niuth National 300 City 97 North America 120 120 Commerce 82 North River 128 Dorn Exchange 160 Pacific 200 First National 144 138 People's 97 97 Pourth National 9813 Phenix 95 Verman American 107 1052 Republic 95 Sirecers. 155 149 Shoe and Leather 98 87½ Hanover 114 State of New-York 110 124 Irving 142 142 Tradesmen's 924 Manuf. & Merch 130 Union 137 Mechanics 113 111 Mercantile The Cook County National Bank of Chicago, by vote of its stockholders, decided to-day to go into voluntary liquidation. The Stuyvesant Insurance Company has declared , dividend of 10 per cent, payable on demand. The Howard Insurance Company has declared a semi-annual dividend of 6 per cent, payable on demand. The Philadelphia stock market is active; Pennsylvania Sixes, 108; Philadelphia and Erie Railroad, 19}; Reading Railroad, 551; Pennsylvania Railsoad, 55}. Gold. 112}. The following extracts are from the Annual Review of the Iron Market by Messrs. Bigelow & Johnston of this city : The panic, however. though 8 potent cause of the depression Waich has ruled all through the past year, has not been the only one at work in the iron trade. Long before that calamity there were signs of exhaustion to the supply of capital, without which it was impossible to earry out the numerous projects 80 profusely offered. Investors, both at home and abroad, had apparently used up both their ability and inclination. and for many months it had been almost impossible to place the bonds of the most promising schemes. Then, in addition, the great wave which had swept prices in Europe to 80 high a pitch, had begun to recode, lockouts on the part of employers to enforce a reduction in wages, took the place of strikes for an advance, and a general subsidence of the demand for iron all ever the civilized world, gave warning that "we were about to enter again a transition Stone, but this time from bigh to lower prices, always a more painful and difficult road to travel thus its reverse form. The stimulus of high prices, moreover. caused an enormous extension of our capacity for production, both of raw and manufaetured iron, with its accompanying keen competition, 80 that even with a continuance of the prosperity which had existed for several years before the panic, we were In a position to meet at home nearly all the demands likely to be made on us, if we worked our capacity up to its fullest limit. Looking back, therefore, on the thorny path of the past twelve months; at the profound depression and tremendous shrinking in values. we have reason to congratulate the trade on one thing, that 80 few failures have occurred, and that we have such valid evidence of the inherent sounduess of the trade generally. the same time it would be folly to shut our eyes to a fact that a serious crisisis impending, and that howver well the burden has been borne hitherto, there 18 a mit to the ability of the broadest back, and it is an pen question how long the present strain can be 808sained without entailing very serious disaster. A very general expectation prevails that with the advent of Spring we will witness a revival of all the dormant industries of the country. No doubt in this as ID all simi-

14. January 20, 1875 New-York Tribune New York, NY
Article from New-York Tribune, January 20, 1875

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THE CHICAGO BANK SUSPENSION. THE COOK COUNTY NATIONAL BANK GOES INTO VOLUNTARY LIQUIDATION - UNCOMMERCIAL CHARACTER OF ITS BILLS RECEIVABLE-ITS SECURITIES NOT READILY NEGOTIABLE. CHICAGO, Jan. 19. - The decision of the stockholders of the Cook County National Bank of Chtcago, Monday evening, to go into voluntary liquidation has excited no surprise in business circles in this city. It has long been believed to be in an unsound condition, and its failure endangers no interest here. What the effect on the State National Bank of Des M ines may be is uncertain. Mr. Allen's present banking house in Des Moines closed its doors to-day, and the New-York house, Allen, Stephens & Co., is thought here to be in a dubions condition. The value of the assets of the bank cannot be determined until the Government examiner has concluded his investigations. Its deposits have run down from $1,150,000 at the date of its last statement, Dec. 31, 1874, to about $850,000, or about $300,000 in a fortnight. About $400,000 is due to Iowa bankers. and about $200,000 to city depositors. The immediate cause of the suspension is said to be the refusal of the Charter Oak Life Insurance Company to allow the bank to continue to draw on It for advances promised on the security of Iowa mortgages. Senator Logan was a stockholder in the bank, and it was made a Government depository for $150,000, but it never realized what was expected from its political connections. The bank has had some newspaper affiliation, that were unprofitable. It was also associated with railway speculations, and the disastrous corn corner of last Fall, and in general the management showed an unsafe tendency to go outside of regular banking operations. Mr. B. F. Alten, its President, QWNS most of the stock of the bank, and intends to devote as much as necessary of his private fortune to paying off the depositors. He has had the reputation of being worth $3,000,000 or $4,000,000, but this is now believed to be far boyond the mark. His means are almost all in mortgages on Iowa lands, in Iowa lands, and in is vast miscellany of speculative stocks and bonds. The bank was seriously hurt by the panic, and has failed to recover, owing to the uncommercial character of its bills receivable, and the unnegotiable character of its securities. The great bulk of its capital and deposits are probably in such securities. Tue notice posted on its doors informs the public that it is owing to non-receipt of promised and expected aid that the shereholders have voted to go into liquidation under the National Currency act. Depositors are assured that their payment in full 18 only & question of time. DES MOINÉS BUSINESS MEN EXPRESS CONFIDENCE IN MR. B. F. ALLEN. CHICAGO. Jan. 19.-A special dispatch from Des Moines, Iowa, says a meeting of business men of that city to-day adopted resolutions expressing entire confidence in the ability of Mr. B. F. Allen, President of the Cook County National Bank, to pay all creditors of these institutions. Mr. Allen is a gentleman possessed of large personal wealth. having, it is stated, in addition to other property, 60,000 acres of valuable land in Iowa, entirely clear of incumbrances, and it is confidently asserted by those in a position to know that no creditor of the bank of which he was President will lose a dollar.

15. January 27, 1875 Ottumwa Weekly Courier Ottumwa, IA
Article from Ottumwa Weekly Courier, January 27, 1875

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One hundred and fifty of the business men of Des Moines publish a card in the State Register stating that they "have entire confidence in the business capacity, integrity, and individual solvency" of B. F. Allen, President of the suspended Cook county National Bank, of Chicago.

16. January 29, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, January 29, 1875

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MONEY AND COMMERCE FINANCIAL. There was little change In the financial situation yesterday. The morcantile trade of the city is light, and, as collections are very good, there are but few applications for losns from that direction. Engagements for considerable sums that will be wanted next Fettlement-day are being made by grain and pork men, but there is little money used for carry grain or provisions, owing to the condition of the market. There is a light miscellaneous demand for kisns from manufacturers, lumbermen, and others, but this in very much less pressing than in the Arst part of the month. Ratos of discount at the banks are uniform of 10 por Bent to regular customers. To good outside borrows yrs, with matisfactory collaterals, concessions of 1 or 2 per cent are made. Bull, the amount of funds availabio for these latter is not large. On the street, the supply of available funds is ample, with a light domand. Rates are be 18 per cent, Orders for currency BTO light. The receipts are about equal to the amount shipped. New York exchange remains steady at par to 23c premium, with few transac Hone, The clearings were $3,000,000. RECEIVER FOR THE COOK COUNTY NATIONAL BANK. Dispatches from Washington announce that the Comptroller has received the report of Bank-Examiner Spink, in regard to the Cook County National Bank of Chicago, and has, upon the recommendation of Senator Logan, which WAS concurred in by the Chieago delegation, appointed A. II. Burley Receiver. UNSTAMPED CHECKS. The Little Tariff LIII changes the existing law in order to shut the door against evasion of the 2-cent check stamp. The change consists of the italicised word in the following paragral D, viz. Bank check, draft, order, or roucher for the raymout of any sun whatsoever, drawn upon any bank, banker, or trust company, 2 cents," and the omission from the same clause of the words, at sight or on demand." Under this provision checks drawn payable one day after date, AR well as receipts intended to serve ns checks, both of which methods of evading the stamp tax have been employed, will be subject to stamp just the same MS any other form of draft for the payment of money. The right of the detective of the Internal Revenue Department to examine the vaults of the banks for unstamped checks is still questioned in some quarters, despite the acquiescence of the bankers in the search. The point 18 raised that the banks are protected from such examinations by Sec. 54 of the National Bank act, which Fays, And the Association shall not be subject to any other visitorial powers than such as are author12ed by this act, except such ns are vested in the several courts of law and chancery." GOVERNMENT BONDS. There Is a more active demand for Governments in the local market and in New York, and quotations are advancing. The demand for bonds conics parily from banks which contemplate increasing their circulation, from institutions which are restricted to this class of investments, and from the extremely careful class of individual investors. These various` demands are chiefly supplied by the foreign bankers, who sce a pront in importing bonds, and from domestic investora who are tempted to take the large profit which current prices give them, and invest in first-class railroad Londs, some of which, too, are very high, but many of which are, comparatively speaking, low.:

17. February 19, 1875 The Andrew County Republican Savannah, MO
Article from The Andrew County Republican, February 19, 1875

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# FINANCIAL AND INDUSTRIAL. -B. F. Allen, of the Cook County National Bank of Chicago, recently suspended, admits owing a little over a million and a half dollars, but claims to have assets above this of over eight hundred thousand dollars. -Bradbury Brothers, heavy New York dry goods dealers, have failed. Liabilities, $170,000.

18. March 4, 1875 New-York Tribune New York, NY
Article from New-York Tribune, March 4, 1875

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A SUIT CONCERNING THE COOK COUNTY BANK OF CHICAGO. An important order has just been obtained from Judge Donohue of the Supreme Court, in the case of the New-York State Loan and Trust Company against the Cook County National Bank of Chicago and F. B. Allen, William A. Stephens, and Herman Blennerhassett. The Chicago and Pacitic Railroad Company got their own note for $40,000 discounted by the Cook County National Bank, and deposited with them 40 of their first mortgage bonds as collaterals. Part of this note was taken up by the Company, and, T. S. Dobbins, President of the railroad company gave his individual notes for the rest, $20,000. the collateral remaining in the hands of the bank, and of Alien, Stephens & Co. Mr. Alien being the President of the bink. The New-York State Loan and Trust Company received these notes of Dobbins as collateral, with other things, for a IV ances to the Cook County Bank of $54,450 33. The Trust Company sues to have these first mortgage bonds declared to be collateral to the notes held by them as collateral. and have obtained from Judge Donohue an order enjoining Alien, Stephens & Co. from transferring those bonds. and appointing Coles Morris as receiver of them until the determination of the suit.

19. May 18, 1875 The Star Cincinnati, OH
Article from The Star, May 18, 1875

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LAST EDITION. BY TELEGRAPH. Philadelphia, May 18.-The suspension of Chandler, Hart & Co,, one of the largest boot and shoe firms of this city, is announced to-day. Their liabilities will amount to $125,000. WASHINGTON, D.C., May 18.-The National Lodge Knights of Pythias is now in session here, representing thirty-four State jurisdictions. It is presided over by Supreme Chancellor Davis. TYRONE, PA., May 18.-Mingo Parks, the leader in the present mining disturbances here, has fled the country to avoid arrest.-Several boxes of arms and ammunition passed through here yesterday for Clearfield county. LONDON, May 18-The City and County Bank of London suspended payment today. The failure is not regarded na important, and created no excitement. The paid-up capital of the bank is £28,000.The Erie. Railroad report was published here to-day. NEW YORK, May 18.-There are rumors to-day that frauds in importations of crape and mourning goods have been discovered, having extended. through the past two years. An appraiser in the Department of Customs in this city and one of the examiners has resigned. WASHINGTON, May 18.-A Havana letter states that highway robbèries and murders are S0 frequent lately in the streets of that city, that the acting Captain General, who was himself robbed in the street, of his watch and jewelry, worth fourteen hundred dollars, has ordered all culprits hereafter to be tried by military authorities. MEMPHIS, May 18.-Major John Pressley Strange, for many years a leading dry-goods merchant of this city, and during the late war Adjutant General on the staff of Lieut. Gen. Forrest, died last night, of consumption, aged 53 years. His death has cast a gloom over the city, as few men were so universally admired and respected as was the deceased. CHICAGO, ILL., May 18.-The published statement of the National Banks in this city show' that there has been an increase of $3,600,000 in the loans, and an increase of $186,000 in the deposits, also an increase of the capital surplus of $125,000 since March 1st. There has been an apparent decrease of capital during the year of $404,000, owing to the closing up of the Cook County National and Mechanics' National.

20. January 6, 1876 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, January 6, 1876

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The State and Great Western Insurance Companios---Baukruptcy Business. Record of Judgments and of New Suits. Calendar of Condemnation and Assessment Cases. Ordera of the United States District Court at Springfield, III. Yesterday's Proceedings of the Illinois and Michigan Supreme Courts. GENERAL BUSINESS. MAROIN DEPOSITS. A case is now on trial before Judge Woods, a member of the Bar. which involves the quention of the liability of the Cook County National Bank on a large number of nargio certificates Issued by it on certain contracts of Sturges in his well-known oporations of 1873. The euit is brought by the Board of Trade against the bank to recover about $30,000. The plaintiff claims that the bank issued the certificates in question, thus declaring that the amount of such cortificates was in its vaults to par them, and that it should be required to make its promises good that the certificatos have since passed into the bands of innocent parties; and that the bank is liable. oven though no money was, at the time of the issuing of such certificates. iu the bauk with wLich to pay them. The bank. ou the contrary, claims that there was no money deposited by Sturges to meet the certificates, but that they were issued In conformity with an agreement which it had made with him, but that it is not to fact liable to pay them now, it never having received any from Starges for such purpoue. About a year ago the Board of Trade began a suit on the bond given by the bank to ecoure these and other margin deposits, in order to recover the amount duo on the Sturges contracts, which is still pending. Tho present suit is brought on the certificates against the bank, while the former is on the bond agalast the bank's sureties. The object. however, is the name,-to recover the amount of the Sturges certificates of deposit, and the present suit la pushed on to trial 80 as to lix the liability of the bank, and EO compel the Receiver to declare a ) di vidend on them aloug with the other claims against the bank, before the assets are exhansted. The case WAS submitted by agreement to Judge Woods so BB to expedito n decision. Mcsers. Lawrence. Campbell & Lawrence, and , McCay & Pratt, appear for the Board of Trade, and Monroe, Blebeo & Ball, and Osborn & Curtie, of Rock Island, for the bank. THE STATE INSURANCE COMPANY. . The following is an abstract of the report of the Assignee of the above-pained Company for , December / $2,048.73 Balance, Do: 1 i 85.70 Collections since y Total $2,734.42 781.10 Paid for attorney's fees b I ) Balance on hand $1,053.32 THE GREAT WESTERN INSURANCE COMPANY, I by its Arelgoce, C. W. Upton, makes the followiug aboving : $38,777.98 Balance, Nov. 30, 1973 135.75 Collected since Total $39,013.73 Paid on account of first dividends on war1,031.73 rauts still outstanding : Balance on hand $37,828.76 ITEMN.

21. October 17, 1876 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 17, 1876

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June, July, and August overcharge vouchers 7,882 Cash on hand 15,443 Total $308,000 The report was referred to the Master in Chancery for the usual examination. ### THE BARQUE PARANA A point was raised yesterday before Judge Blodgett in the case of the distribution of the proceeds of the barque Parana, as to the priority of mortgages on the vessel. Meadowcroft Brothers had a mortgage for $2,500 on the barque, and Finney & Miller one for a smaller amount. The latter, however, was for supplies furnished. A motion was made by Messrs. Barker, Buell & Walt to modify the decree heretofore entered ordering all mortgages to be paid pro rata, so as to allow the Meadowcroft mortgage to be paid in full, in accordance with the decision of Judge Drummond in the Grace Greenwood case, wherein it had been held that mortgages should be declared to be a lien according to the date of their being recorded. On the other hand, Messrs. Rae & Mitchell argued that, as the Finney & Miller mortgage was for supplies, it should be paid first, although recorded last. Judge Blodgett, however, thought otherwise, and directed a rule to be made on Finney & Miller to show cause in ten days why the Meadowcroft mortgage should not be paid in full. ### DIVORCES Lucia Huck filed her bill yesterday against her husband, Charles, asking for a divorce on account of his excessive use of intoxicating liquors. Frank Jones also wants a divorce from his wife, Philomena, on similar grounds. ### UNITED STATES COURTS The Bank of Rochester began a suit for $6,000 against Morris Goldberg. A. H. Burley, Receiver of the Cook County National Bank, began suits in debt against the following parties: Lavinia E. Day for $3,400; Clara Iretie Day, $8,500; Henry T. Thomas, $3,000; N. B. Stevens, $6,500; W. W. Saltonstall, $7,500; W. C. Turner, $1,000. ### BANKRUPTCY MATTERS Discharges from bankruptcy were issued yesterday to Judge T. Stringer, Charles Mann, and William Y. Daniels. R. E. Jenkins was appointed Assignee of James H. Adams and of Jane M. Beach. A dividend of 10 per cent was declared yesterday in the estate of Thomas J. Birchler. This will be payable in a few days at the office of R. E. Jenkins, Assignee, No. 35 Republic Life Building. The first dividend-meeting in the case of Ole G. Thompson was adjourned to Oct. 30. An Assignee will be chosen this morning at 10 o'clock in the estate of M. Yale Cady. ### SUPERIOR COURT IN BRIEF John Keller sued the Paterson Fire-Insurance Company for $1,000. Frederick Rethmeler commenced a suit in trespass against A. T. Loomis, laying damages at $5,000. S. C. Perkins began a suit for $2,000 against Jesse Adams. Mary C. Bench filed a bill against John W. J. Culton, Fatina C. Culton, John Dekoven, Trustee, John Mattocks, successor in trust, Francis M. Corby, Trustee, Francis Agnew, successor in trust, J. E. Walker, R. E. Jenkins, Assignee, the Allemania Insurance Company of Pittsburg, the First National Bank of Warsaw, and W. H. Patterson to foreclose a trust-deed for $5,500 on part of Lots 26 and 27, in Block 8, of the Assessor's Division of the S. W. fractional ¼ of Sec. 22, 30, 14. Louis Fisher, for the use of Adolph Bochner, brought suit for $6,000 against the Protection Life Insurance Company. A. L. Hale & Bro. commenced an action in trespass for $10,000 damages against Morton Culver, Francis Agnew, Emma Lundley, and Emil Horchster. W. B. Howard brought suit to recover $3,000 of Henry A. Tilden. ### COUNTY COURT A motion was made by the counsel for Mr. Lightfoot for a new trial in the Lightfoot insanity case. The Court reserved his decision. The old claim of F. W. Buckingham against the estate of Martin O. Walker, deceased, amounting to $37,853.13, was revived in the County Court yesterday. The claimant had been in the employ of M. O. Walker from Oct. 1, 1867, to July 15, 1876, and claims as salary $5,000 per year, house rent, $955.31; expenses, $739. He claims to have been paid at times $12,180.15, and demands the balance. He had no contract with Walker, but the Court looked upon the charge as reasonable, and the claimant endeavored to show that it was by the introduction of several business men as witnesses. In reply, the attorneys for the estate set up that a contract had at one time existed for claimant's salary for $1,500, and introduced witnesses who had heard Mr. Walker say as much. The case will be further heard to-day. ### CRIMINAL COURT Mr. Trude stated to Judge McAllister that James J. McGrath, who had had Wilbur F. Storey, of the Times, indicted for libel, was willing that the indictment should be dismissed. It will be remembered that at the trial under this indictment the jury disagreed. Mr. Reed had no objections to the dismissal, since McGrath desired it, and therefore the Court ordered the entry to be made in the record. Leonard Swett, counsel for R. K. Turner, indicted and tried for forgery, the jury disagreeing, made a motion yesterday to dismiss the indictment, and 9 o'clock Thursday morning was set for hearing the arguments. ### THE CALL JUDGE BLODGETT—Hill & McKechnie vs. B., P. & C. Railroad Company still on trial, and good for some days. JUDGE JAMESON—213, 215 to 233 Inclusive; No. 211, Palmer vs. City, on trial. JUDGE MOORE—23, 24, 25; No. 22, Armstrong vs. Tourtellotte, on trial. JUDGE ROARTS—119 to 133 Inclusive. Term No. 2,281 on trial. JUDGE BOOTH—Set case term No. 2,850, Aldridge vs. Race; also, calendar Nos. 310 to 342. JUDGE FARWELL—General business. JUDGE WILLIAMS—General business. ### JUDGMENTS UNITED STATES CIRCUIT COURT—JUDGE BLODGETT—D. Beadle use of Albert Jacobs vs. Mercantile Insurance Company of Chicago, $6,001.32. W. H. Clark vs. H. W. and James G. Brown, $3,405.41.—First National Bank of Grand Haven vs. Edgut Paul, $767. SUPERIOR COURT—CONFESSIONS—Mortimer H. Flint vs. Woodbury M. Taylor, $3,010.—J. N. Pirio et al. vs. W. D. Coffeen, $700.00.—Louis

22. March 3, 1880 Daily Globe Saint Paul, MN
Article from Daily Globe, March 3, 1880

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U. S. SUPREME COURT. A Batch of Opinions of Interest to National Bank Officers and Assessors. WASHINGTON, March 2.-The following opinions have been rendered by the supreme court: No. 270-The Central Trust Company, New York, receivers, etc., appellant, vs. the First National Bank of Wyandotte. An appeal from the eircuit court of the United States for the northern district of Illinois. This was a suit brought by the Wyandotte bank to recover possession of a certain note for $5,000 with collaterals given by it to the Cook County National bank of Chicago, and by the latter transferred in violation of an agreement with the Wyandotte bank to the New York State Loan & Trust company, of which plaintiff in error is receiver. This court holds First-That as between the complainant and the Cook County bank there is a prefect defense against the note to the extent of $4,868, which amount stood to the credit of the Wyandotte bank on the books of the Cook County bank at the time of the latter's failure. Second-That plaintiff in error can claim no more or greater right than the Cook County bank had, and that complainants are therefore entitled to a return of the note and collaterals on the payment of the sum of $132. The decree of the lower court is therefore affirmed, with costs.

23. March 18, 1890 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, March 18, 1890

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A BANK WRECKER RETURNS. D. D. Spencer Returns to Chicago After an Absence of Thirteen Years. CHICAGO, March 17.-D. D. Spencer, to whose bad management was attributed the ruin and misery which followed the collapse of the Cook County National Bank and the State Savings Institution in 1877, arrived in Chicago after an absence of over 13 years. As a banker Spencer's career is without a parallel in the history of Chicago and almost of the entire country. In the ruin of the institutions which collapsed under his management, the savings of many hundreds of people were swallowed up, and widespread misery were entailed. As President of the State Sayings Institution he loaned immense sums to himself on promissory notes and worthless paper, with the result that the institution soon went down. The Cook County National Bank had failed in the panic 0! 1872. Just before the crash of the State Savings Institution Spencer absconded and located in Stuttgart, Germany, where he has lived since that time until recently, when he returned to this country. The indictments which were found against him at the time of the failure have long been stricken from the docket.